Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,836/mo
Lowest payment- Down payment
- $59,186
- Funds due
- $70,502
- Interest + MI left
- $364,667
- First ends
- Nov 2052
Assumption
Assumption + second
$3,223/mo
+$387/mo- Down payment
- $21,186
- Funds due
- $33,777
- Interest + MI left
- $466,067
- First ends
- Nov 2052
New loan
New conventional
$3,249/mo
+$412/mo- Down payment
- $21,186
- Funds due
- $30,544
- Interest + MI left
- $605,380
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $359,814 | $359,814 | $397,814 |
| Second mortgage | — | $38,000 | — |
| First P&I | $2,150.69 | $2,150.69 | $2,754.38 |
| Second P&I | — | $387.22 | — |
| Mortgage insurance | $270.99 | $270.99 | $79.56 |
| Taxes, insurance & HOA | $414.58 | $414.58 | $414.58 |
| Total housing payment | $2,836.27 | $3,223.49 | $3,248.53 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$21,186
Closing costs & prepaids$12,590
Usable credit−$0
Total buyer cash needed$33,777
Earnest money paid−$0
Remaining funds due$33,777
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,190.00
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)$475.75
Initial HOA (3 months)$318.00
Prepaid interest, first (2 days)$106.66
Prepaid interest, second (2 days)$24.73
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 5.410%
Interest already paid$80,467Through Nov 2026
Assumption only · ends Nov 2052$364,667
Assumption + second · ends Nov 2052, second Dec 2056$466,067
New conventional · ends Dec 2056$605,380