Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,303/mo
Lowest payment- Down payment
- $91,400
- Funds due
- $102,350
- Interest + MI left
- $284,984
- First ends
- Dec 2052
Assumption
Assumption + second
$2,746/mo
+$443/mo- Down payment
- $36,400
- Funds due
- $48,668
- Interest + MI left
- $389,299
- First ends
- Dec 2052
New loan
New conventional
$2,712/mo
+$409/mo- Down payment
- $36,400
- Funds due
- $45,296
- Interest + MI left
- $473,011
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $268,500 | $268,500 | $323,500 |
| Second mortgage | — | $55,000 | — |
| First P&I | $1,645.46 | $1,645.46 | $2,191.50 |
| Second P&I | — | $442.54 | — |
| Mortgage insurance | $201.70 | $201.70 | $64.70 |
| Taxes, insurance & HOA | $455.92 | $455.92 | $455.92 |
| Total housing payment | $2,303.07 | $2,745.62 | $2,712.12 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,400
Closing costs & prepaids$12,268
Usable credit−$0
Total buyer cash needed$48,668
Earnest money paid−$0
Remaining funds due$48,668
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,599.00
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)$917.75
Prepaid interest, first (5 days)$208.18
Prepaid interest, second (5 days)$67.81
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 5 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 5.66%
Interest already paid$62,735Through Dec 2026
Assumption only · ends Dec 2052$284,984
Assumption + second · ends Dec 2052, second Jan 2057$389,299
New conventional · ends Jan 2057$473,011