Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,694/mo
Lowest payment- Down payment
- $172,534
- Funds due
- $185,334
- Interest + MI left
- $337,270
- First ends
- Nov 2052
Assumption
Assumption + second
$3,574/mo
+$881/mo- Down payment
- $52,534
- Funds due
- $66,821
- Interest + MI left
- $534,256
- First ends
- Nov 2052
New loan
New conventional
$3,671/mo
+$977/mo- Down payment
- $52,534
- Funds due
- $63,399
- Interest + MI left
- $690,677
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $352,366 | $352,366 | $472,366 |
| Second mortgage | — | $120,000 | — |
| First P&I | $2,050.46 | $2,050.46 | $3,199.97 |
| Second P&I | — | $880.52 | — |
| Mortgage insurance | $266.60 | $266.60 | $94.47 |
| Taxes, insurance & HOA | $376.67 | $376.67 | $376.67 |
| Total housing payment | $2,693.72 | $3,574.24 | $3,671.11 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$52,534
Closing costs & prepaids$14,286
Usable credit−$0
Total buyer cash needed$66,821
Earnest money paid−$0
Remaining funds due$66,821
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)$630.00
Prepaid interest, first (9 days)$445.72
Prepaid interest, second (9 days)$236.71
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 5.13%
Interest already paid$76,465Through Dec 2026
Assumption only · ends Nov 2052$337,270
Assumption + second · ends Nov 2052, second Jan 2057$534,256
New conventional · ends Jan 2057$690,677