Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,292/mo
Lowest payment- Down payment
- $100,185
- Funds due
- $111,311
- Interest + MI left
- $266,639
- First ends
- Oct 2052
Assumption
Assumption + second
$2,791/mo
+$499/mo- Down payment
- $38,185
- Funds due
- $50,638
- Interest + MI left
- $384,231
- First ends
- Oct 2052
New loan
New conventional
$2,817/mo
+$525/mo- Down payment
- $38,185
- Funds due
- $47,264
- Interest + MI left
- $492,266
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $274,715 | $274,715 | $336,715 |
| Second mortgage | — | $62,000 | — |
| First P&I | $1,615.73 | $1,615.73 | $2,281.02 |
| Second P&I | — | $498.87 | — |
| Mortgage insurance | $207.96 | $207.96 | $67.34 |
| Taxes, insurance & HOA | $468.67 | $468.67 | $468.67 |
| Total housing payment | $2,292.35 | $2,791.22 | $2,817.03 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,185
Closing costs & prepaids$12,453
Usable credit−$0
Total buyer cash needed$50,638
Earnest money paid−$0
Remaining funds due$50,638
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,749.00
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)$956.00
Prepaid interest, first (5 days)$196.44
Prepaid interest, second (5 days)$76.44
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 closing25 yr 10 moOf the original 30-year loan at 5.22%
Interest already paid$61,918Through Dec 2026
Assumption only · ends Oct 2052$266,639
Assumption + second · ends Oct 2052, second Jan 2057$384,231
New conventional · ends Jan 2057$492,266