Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,155/mo
Lowest payment- Down payment
- $63,382
- Funds due
- $73,738
- Interest + MI left
- $287,262
- First ends
- Nov 2052
Assumption
Assumption + second
$2,389/mo
+$233/mo- Down payment
- $34,382
- Funds due
- $46,053
- Interest + MI left
- $342,265
- First ends
- Nov 2052
New loan
New conventional
$2,381/mo
+$225/mo- Down payment
- $34,382
- Funds due
- $42,747
- Interest + MI left
- $439,493
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $271,618 | $271,618 | $300,618 |
| Second mortgage | — | $29,000 | — |
| First P&I | $1,666.92 | $1,666.92 | $2,036.49 |
| Second P&I | — | $233.34 | — |
| Mortgage insurance | $204.33 | $204.33 | $60.12 |
| Taxes, insurance & HOA | $284.00 | $284.00 | $284.00 |
| Total housing payment | $2,155.25 | $2,388.59 | $2,380.61 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,382
Closing costs & prepaids$11,670
Usable credit−$0
Total buyer cash needed$46,053
Earnest money paid−$0
Remaining funds due$46,053
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)$402.00
Prepaid interest, first (9 days)$379.07
Prepaid interest, second (9 days)$64.36
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 closing25 yr 11 moOf the original 30-year loan at 5.66%
Interest already paid$64,836Through Dec 2026
Assumption only · ends Nov 2052$287,262
Assumption + second · ends Nov 2052, second Jan 2057$342,265
New conventional · ends Jan 2057$439,493