Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,802/mo
Lowest payment- Down payment
- $261,045
- Funds due
- $272,606
- Interest + MI left
- $242,360
- First ends
- Sep 2052
Assumption
Assumption + second
$3,313/mo
+$1,512/mo- Down payment
- $50,045
- Funds due
- $62,901
- Interest + MI left
- $575,547
- First ends
- Sep 2052
New loan
New conventional
$3,378/mo
+$1,576/mo- Down payment
- $50,045
- Funds due
- $59,361
- Interest + MI left
- $677,837
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $235,955 | $235,955 | $446,955 |
| Second mortgage | — | $211,000 | — |
| First P&I | $1,430.13 | $1,430.13 | $3,094.63 |
| Second P&I | — | $1,511.63 | — |
| Mortgage insurance | $178.02 | $178.02 | $89.39 |
| Taxes, insurance & HOA | $193.50 | $193.50 | $193.50 |
| Total housing payment | $1,801.65 | $3,313.28 | $3,377.52 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$50,045
Closing costs & prepaids$12,856
Usable credit−$0
Total buyer cash needed$62,901
Earnest money paid−$0
Remaining funds due$62,901
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,970.00
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)$80.50
Prepaid interest, first (1 days)$35.68
Prepaid interest, second (1 days)$44.80
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 10 moOf the original 30-year loan at 5.520%
Interest already paid$56,140Through Nov 2026
Assumption only · ends Sep 2052$242,360
Assumption + second · ends Sep 2052, second Dec 2056$575,547
New conventional · ends Dec 2056$677,837