Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,400/mo
Lowest payment- Down payment
- $47,537
- Funds due
- $58,259
- Interest + MI left
- $309,219
- First ends
- Nov 2052
Assumption
Assumption + second
$2,696/mo
+$296/mo- Down payment
- $18,537
- Funds due
- $30,594
- Interest + MI left
- $386,602
- First ends
- Nov 2052
New loan
New conventional
$2,712/mo
+$312/mo- Down payment
- $18,537
- Funds due
- $27,478
- Interest + MI left
- $508,457
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $317,463 | $317,463 | $346,463 |
| Second mortgage | — | $29,000 | — |
| First P&I | $1,864.31 | $1,864.31 | $2,347.06 |
| Second P&I | — | $295.51 | — |
| Mortgage insurance | $239.95 | $239.95 | $69.29 |
| Taxes, insurance & HOA | $296.00 | $296.00 | $296.00 |
| Total housing payment | $2,400.25 | $2,695.76 | $2,712.35 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$18,537
Closing costs & prepaids$12,057
Usable credit−$0
Total buyer cash needed$30,594
Earnest money paid−$0
Remaining funds due$30,594
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,650.00
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)$438.00
Prepaid interest, first (9 days)$408.61
Prepaid interest, second (9 days)$84.91
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 5.22%
Interest already paid$70,063Through Dec 2026
Assumption only · ends Nov 2052$309,219
Assumption + second · ends Nov 2052, second Jan 2057$386,602
New conventional · ends Jan 2057$508,457