Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,090/mo
Lowest payment- Down payment
- $81,620
- Funds due
- $91,760
- Interest + MI left
- $279,139
- First ends
- Nov 2052
Assumption
Assumption + second
$2,460/mo
+$370/mo- Down payment
- $35,620
- Funds due
- $47,033
- Interest + MI left
- $366,385
- First ends
- Nov 2052
New loan
New conventional
$2,501/mo
+$411/mo- Down payment
- $35,620
- Funds due
- $43,650
- Interest + MI left
- $476,655
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $268,340 | $268,340 | $314,340 |
| Second mortgage | — | $46,000 | — |
| First P&I | $1,626.58 | $1,626.58 | $2,176.43 |
| Second P&I | — | $370.13 | — |
| Mortgage insurance | $201.80 | $201.80 | $62.87 |
| Taxes, insurance & HOA | $261.33 | $261.33 | $261.33 |
| Total housing payment | $2,089.72 | $2,459.84 | $2,500.63 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,620
Closing costs & prepaids$11,413
Usable credit−$0
Total buyer cash needed$47,033
Earnest money paid−$0
Remaining funds due$47,033
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,499.60
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)$334.00
Prepaid interest, first (2 days)$81.60
Prepaid interest, second (2 days)$22.68
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 5.550%
Interest already paid$61,516Through Nov 2026
Assumption only · ends Nov 2052$279,139
Assumption + second · ends Nov 2052, second Dec 2056$366,385
New conventional · ends Dec 2056$476,655