Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,704/mo
Lowest payment- Down payment
- $45,144
- Funds due
- $54,568
- Interest + MI left
- $214,783
- First ends
- Sep 2052
Assumption
Assumption + second
$2,030/mo
+$326/mo- Down payment
- $13,144
- Funds due
- $23,912
- Interest + MI left
- $300,172
- First ends
- Sep 2052
New loan
New conventional
$1,958/mo
+$254/mo- Down payment
- $13,144
- Funds due
- $20,779
- Interest + MI left
- $354,891
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $209,856 | $209,856 | $241,856 |
| Second mortgage | — | $32,000 | — |
| First P&I | $1,273.81 | $1,273.81 | $1,638.42 |
| Second P&I | — | $326.08 | — |
| Mortgage insurance | $158.56 | $158.56 | $48.37 |
| Taxes, insurance & HOA | $271.17 | $271.17 | $271.17 |
| Total housing payment | $1,703.54 | $2,029.62 | $1,957.96 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$13,144
Closing costs & prepaids$10,768
Usable credit−$0
Total buyer cash needed$23,912
Earnest money paid−$0
Remaining funds due$23,912
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,550.00
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)$306.00
Initial HOA (3 months)$57.51
Prepaid interest, first (9 days)$285.63
Prepaid interest, second (9 days)$93.70
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 9 moOf the original 30-year loan at 5.52%
Interest already paid$50,970Through Dec 2026
Assumption only · ends Sep 2052$214,783
Assumption + second · ends Sep 2052, second Jan 2057$300,172
New conventional · ends Jan 2057$354,891