Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,352/mo
Lowest payment- Down payment
- $45,880
- Funds due
- $56,217
- Interest + MI left
- $297,267
- First ends
- Nov 2052
Assumption
Assumption + second
$2,637/mo
+$285/mo- Down payment
- $17,880
- Funds due
- $29,476
- Interest + MI left
- $371,983
- First ends
- Nov 2052
New loan
New conventional
$2,705/mo
+$353/mo- Down payment
- $17,880
- Funds due
- $26,262
- Interest + MI left
- $505,409
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $304,120 | $304,120 | $332,120 |
| Second mortgage | — | $28,000 | — |
| First P&I | $1,783.25 | $1,783.25 | $2,299.53 |
| Second P&I | — | $285.32 | — |
| Mortgage insurance | $229.52 | $229.52 | $66.42 |
| Taxes, insurance & HOA | $339.33 | $339.33 | $339.33 |
| Total housing payment | $2,352.09 | $2,637.42 | $2,705.29 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$17,880
Closing costs & prepaids$11,596
Usable credit−$0
Total buyer cash needed$29,476
Earnest money paid−$0
Remaining funds due$29,476
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,500.00
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)$196.00
Initial HOA (3 months)$372.00
Prepaid interest, first (1 days)$43.49
Prepaid interest, second (1 days)$9.11
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 5.220%
Interest already paid$65,693Through Nov 2026
Assumption only · ends Nov 2052$297,267
Assumption + second · ends Nov 2052, second Dec 2056$371,983
New conventional · ends Dec 2056$505,409