Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,068/mo
Lowest payment- Down payment
- $41,895
- Funds due
- $51,471
- Interest + MI left
- $289,872
- First ends
- Nov 2052
Assumption
Assumption + second
$2,333/mo
+$265/mo- Down payment
- $15,895
- Funds due
- $26,738
- Interest + MI left
- $359,250
- First ends
- Nov 2052
New loan
New conventional
$2,320/mo
+$252/mo- Down payment
- $15,895
- Funds due
- $23,549
- Interest + MI left
- $455,228
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $273,105 | $273,105 | $299,105 |
| Second mortgage | — | $26,000 | — |
| First P&I | $1,673.69 | $1,673.69 | $2,070.94 |
| Second P&I | — | $264.94 | — |
| Mortgage insurance | $205.16 | $205.16 | $59.82 |
| Taxes, insurance & HOA | $188.75 | $188.75 | $188.75 |
| Total housing payment | $2,067.59 | $2,332.53 | $2,319.51 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$15,895
Closing costs & prepaids$10,843
Usable credit−$0
Total buyer cash needed$26,738
Earnest money paid−$0
Remaining funds due$26,738
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)$116.25
Prepaid interest, first (2 days)$84.70
Prepaid interest, second (2 days)$16.92
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$63,811Through Nov 2026
Assumption only · ends Nov 2052$289,872
Assumption + second · ends Nov 2052, second Dec 2056$359,250
New conventional · ends Dec 2056$455,228