Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,243/mo
Lowest payment- Down payment
- $124,652
- Funds due
- $138,075
- Interest + MI left
- $391,412
- First ends
- Aug 2052
Assumption
Assumption + second
$3,814/mo
+$571/mo- Down payment
- $53,652
- Funds due
- $68,482
- Interest + MI left
- $526,074
- First ends
- Aug 2052
New loan
New conventional
$3,864/mo
+$621/mo- Down payment
- $53,652
- Funds due
- $65,059
- Interest + MI left
- $696,500
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $405,348 | $405,348 | $476,348 |
| Second mortgage | — | $71,000 | — |
| First P&I | $2,393.79 | $2,393.79 | $3,226.95 |
| Second P&I | — | $571.28 | — |
| Mortgage insurance | $307.75 | $307.75 | $95.27 |
| Taxes, insurance & HOA | $541.67 | $541.67 | $541.67 |
| Total housing payment | $3,243.21 | $3,814.49 | $3,863.88 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$53,652
Closing costs & prepaids$14,830
Usable credit−$0
Total buyer cash needed$68,482
Earnest money paid−$0
Remaining funds due$68,482
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,300.00
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)$636.00
Initial HOA (3 months)$489.00
Prepaid interest, first (9 days)$522.73
Prepaid interest, second (9 days)$157.56
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 8 moOf the original 30-year loan at 5.23%
Interest already paid$95,353Through Dec 2026
Assumption only · ends Aug 2052$391,412
Assumption + second · ends Aug 2052, second Jan 2057$526,074
New conventional · ends Jan 2057$696,500