Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,717/mo
Lowest payment- Down payment
- $66,113
- Funds due
- $75,452
- Interest + MI left
- $225,633
- First ends
- Oct 2052
Assumption
Assumption + second
$2,014/mo
+$298/mo- Down payment
- $29,113
- Funds due
- $39,711
- Interest + MI left
- $295,808
- First ends
- Oct 2052
New loan
New conventional
$2,050/mo
+$333/mo- Down payment
- $29,113
- Funds due
- $36,379
- Interest + MI left
- $388,019
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $218,887 | $218,887 | $255,887 |
| Second mortgage | — | $37,000 | — |
| First P&I | $1,324.76 | $1,324.76 | $1,771.71 |
| Second P&I | — | $297.71 | — |
| Mortgage insurance | $164.90 | $164.90 | $51.18 |
| Taxes, insurance & HOA | $226.92 | $226.92 | $226.92 |
| Total housing payment | $1,716.58 | $2,014.29 | $2,049.80 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,113
Closing costs & prepaids$10,598
Usable credit−$0
Total buyer cash needed$39,711
Earnest money paid−$0
Remaining funds due$39,711
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,850.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$230.75
Prepaid interest, first (1 days)$33.10
Prepaid interest, second (1 days)$9.12
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 closing25 yr 11 moOf the original 30-year loan at 5.520%
Interest already paid$50,996Through Nov 2026
Assumption only · ends Oct 2052$225,633
Assumption + second · ends Oct 2052, second Dec 2056$295,808
New conventional · ends Dec 2056$388,019