Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,740/mo
Lowest payment- Down payment
- $135,695
- Funds due
- $147,857
- Interest + MI left
- $346,322
- First ends
- Nov 2052
Assumption
Assumption + second
$3,432/mo
+$692/mo- Down payment
- $49,695
- Funds due
- $63,150
- Interest + MI left
- $509,433
- First ends
- Nov 2052
New loan
New conventional
$3,532/mo
+$792/mo- Down payment
- $49,695
- Funds due
- $59,638
- Interest + MI left
- $667,664
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $354,305 | $354,305 | $440,305 |
| Second mortgage | — | $86,000 | — |
| First P&I | $2,077.52 | $2,077.52 | $3,048.58 |
| Second P&I | — | $691.98 | — |
| Mortgage insurance | $267.39 | $267.39 | $88.06 |
| Taxes, insurance & HOA | $395.42 | $395.42 | $395.42 |
| Total housing payment | $2,740.32 | $3,432.30 | $3,532.06 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$49,695
Closing costs & prepaids$13,455
Usable credit−$0
Total buyer cash needed$63,150
Earnest money paid−$0
Remaining funds due$63,150
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,900.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$485.25
Initial HOA (3 months)$201.00
Prepaid interest, first (2 days)$101.34
Prepaid interest, second (2 days)$42.41
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 5.220%
Interest already paid$76,534Through Nov 2026
Assumption only · ends Nov 2052$346,322
Assumption + second · ends Nov 2052, second Dec 2056$509,433
New conventional · ends Dec 2056$667,664