Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,155/mo
Lowest payment- Down payment
- $42,280
- Funds due
- $52,414
- Interest + MI left
- $288,428
- First ends
- Nov 2052
Assumption
Assumption + second
$2,420/mo
+$265/mo- Down payment
- $16,280
- Funds due
- $27,740
- Interest + MI left
- $357,806
- First ends
- Nov 2052
New loan
New conventional
$2,359/mo
+$205/mo- Down payment
- $16,280
- Funds due
- $24,599
- Interest + MI left
- $438,331
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $272,720 | $272,720 | $298,720 |
| Second mortgage | — | $26,000 | — |
| First P&I | $1,673.69 | $1,673.69 | $2,023.63 |
| Second P&I | — | $264.94 | — |
| Mortgage insurance | $205.16 | $205.16 | $59.74 |
| Taxes, insurance & HOA | $276.00 | $276.00 | $276.00 |
| Total housing payment | $2,154.84 | $2,419.78 | $2,359.38 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$16,280
Closing costs & prepaids$11,460
Usable credit−$0
Total buyer cash needed$27,740
Earnest money paid−$0
Remaining funds due$27,740
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,150.00
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)$378.00
Prepaid interest, first (9 days)$380.61
Prepaid interest, second (9 days)$76.13
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 5.66%
Interest already paid$65,099Through Dec 2026
Assumption only · ends Nov 2052$288,428
Assumption + second · ends Nov 2052, second Jan 2057$357,806
New conventional · ends Jan 2057$438,331