Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,404/mo
Lowest payment- Down payment
- $149,095
- Funds due
- $161,109
- Interest + MI left
- $301,858
- First ends
- Nov 2052
Assumption
Assumption + second
$3,160/mo
+$756/mo- Down payment
- $46,095
- Funds due
- $59,562
- Interest + MI left
- $470,938
- First ends
- Nov 2052
New loan
New conventional
$3,230/mo
+$826/mo- Down payment
- $46,095
- Funds due
- $56,181
- Interest + MI left
- $603,735
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $309,905 | $309,905 | $412,905 |
| Second mortgage | — | $103,000 | — |
| First P&I | $1,819.93 | $1,819.93 | $2,797.16 |
| Second P&I | — | $755.78 | — |
| Mortgage insurance | $234.24 | $234.24 | $82.58 |
| Taxes, insurance & HOA | $350.25 | $350.25 | $350.25 |
| Total housing payment | $2,404.41 | $3,160.19 | $3,229.99 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$46,095
Closing costs & prepaids$13,468
Usable credit−$0
Total buyer cash needed$59,562
Earnest money paid−$0
Remaining funds due$59,562
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,590.00
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)$550.75
Prepaid interest, first (9 days)$398.89
Prepaid interest, second (9 days)$203.18
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 5.22%
Interest already paid$68,395Through Dec 2026
Assumption only · ends Nov 2052$301,858
Assumption + second · ends Nov 2052, second Jan 2057$470,938
New conventional · ends Jan 2057$603,735