Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,650/mo
Lowest payment- Down payment
- $171,993
- Funds due
- $184,266
- Interest + MI left
- $338,976
- First ends
- Nov 2052
Assumption
Assumption + second
$3,523/mo
+$873/mo- Down payment
- $52,993
- Funds due
- $66,542
- Interest + MI left
- $534,320
- First ends
- Nov 2052
New loan
New conventional
$3,695/mo
+$1,045/mo- Down payment
- $52,993
- Funds due
- $62,982
- Interest + MI left
- $715,679
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $352,907 | $352,907 | $471,907 |
| Second mortgage | — | $119,000 | — |
| First P&I | $2,050.46 | $2,050.46 | $3,267.39 |
| Second P&I | — | $873.18 | — |
| Mortgage insurance | $266.60 | $266.60 | $94.38 |
| Taxes, insurance & HOA | $333.08 | $333.08 | $333.08 |
| Total housing payment | $2,650.14 | $3,523.32 | $3,694.85 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$52,993
Closing costs & prepaids$13,549
Usable credit−$0
Total buyer cash needed$66,542
Earnest money paid−$0
Remaining funds due$66,542
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,249.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$499.25
Prepaid interest, first (1 days)$49.60
Prepaid interest, second (1 days)$26.08
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 days of interest to the end of the closing month.
What is left to pay
The seller already paid down the early, interest-heavy years.
Remaining first mortgage at closing26 yrOf the original 30-year loan at 5.130%
Interest already paid$74,956Through Nov 2026
Assumption only · ends Nov 2052$338,976
Assumption + second · ends Nov 2052, second Dec 2056$534,320
New conventional · ends Dec 2056$715,679