Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,140/mo
Lowest payment- Down payment
- $137,164
- Funds due
- $148,380
- Interest + MI left
- $263,890
- First ends
- Sep 2052
Assumption
Assumption + second
$2,920/mo
+$780/mo- Down payment
- $40,164
- Funds due
- $52,845
- Interest + MI left
- $447,864
- First ends
- Sep 2052
New loan
New conventional
$2,855/mo
+$715/mo- Down payment
- $40,164
- Funds due
- $49,456
- Interest + MI left
- $518,758
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $257,836 | $257,836 | $354,836 |
| Second mortgage | — | $97,000 | — |
| First P&I | $1,565.04 | $1,565.04 | $2,403.78 |
| Second P&I | — | $780.48 | — |
| Mortgage insurance | $194.81 | $194.81 | $70.97 |
| Taxes, insurance & HOA | $380.00 | $380.00 | $380.00 |
| Total housing payment | $2,139.86 | $2,920.34 | $2,854.75 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,164
Closing costs & prepaids$12,681
Usable credit−$0
Total buyer cash needed$52,845
Earnest money paid−$0
Remaining funds due$52,845
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,950.00
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)$474.00
Initial HOA (3 months)$216.00
Prepaid interest, first (9 days)$350.94
Prepaid interest, second (9 days)$215.26
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$62,623Through Dec 2026
Assumption only · ends Sep 2052$263,890
Assumption + second · ends Sep 2052, second Jan 2057$447,864
New conventional · ends Jan 2057$518,758