Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,132/mo
Lowest payment- Down payment
- $62,998
- Funds due
- $72,988
- Interest + MI left
- $288,701
- First ends
- Nov 2052
Assumption
Assumption + second
$2,365/mo
+$233/mo- Down payment
- $33,998
- Funds due
- $45,252
- Interest + MI left
- $343,703
- First ends
- Nov 2052
New loan
New conventional
$2,405/mo
+$273/mo- Down payment
- $33,998
- Funds due
- $41,886
- Interest + MI left
- $456,430
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $272,002 | $272,002 | $301,002 |
| Second mortgage | — | $29,000 | — |
| First P&I | $1,666.92 | $1,666.92 | $2,084.08 |
| Second P&I | — | $233.34 | — |
| Mortgage insurance | $204.33 | $204.33 | $60.20 |
| Taxes, insurance & HOA | $260.25 | $260.25 | $260.25 |
| Total housing payment | $2,131.50 | $2,364.84 | $2,404.53 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,998
Closing costs & prepaids$11,254
Usable credit−$0
Total buyer cash needed$45,252
Earnest money paid−$0
Remaining funds due$45,252
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,350.00
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)$330.75
Prepaid interest, first (2 days)$84.36
Prepaid interest, second (2 days)$14.30
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 5.660%
Interest already paid$63,553Through Nov 2026
Assumption only · ends Nov 2052$288,701
Assumption + second · ends Nov 2052, second Dec 2056$343,703
New conventional · ends Dec 2056$456,430