Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,633/mo
Lowest payment- Down payment
- $113,361
- Funds due
- $123,697
- Interest + MI left
- $161,001
- First ends
- Jun 2052
Assumption
Assumption + second
$2,317/mo
+$684/mo- Down payment
- $28,361
- Funds due
- $40,136
- Interest + MI left
- $322,215
- First ends
- Jun 2052
New loan
New conventional
$2,270/mo
+$637/mo- Down payment
- $28,361
- Funds due
- $36,843
- Interest + MI left
- $367,938
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $166,639 | $166,639 | $251,639 |
| Second mortgage | — | $85,000 | — |
| First P&I | $991.11 | $991.11 | $1,704.69 |
| Second P&I | — | $683.93 | — |
| Mortgage insurance | $126.85 | $126.85 | $50.33 |
| Taxes, insurance & HOA | $515.00 | $515.00 | $515.00 |
| Total housing payment | $1,632.95 | $2,316.88 | $2,270.02 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,361
Closing costs & prepaids$11,775
Usable credit−$0
Total buyer cash needed$40,136
Earnest money paid−$0
Remaining funds due$40,136
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,800.00
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)$336.00
Initial HOA (3 months)$759.00
Prepaid interest, first (9 days)$216.54
Prepaid interest, second (9 days)$188.63
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 6 moOf the original 30-year loan at 5.27%
Interest already paid$41,079Through Dec 2026
Assumption only · ends Jun 2052$161,001
Assumption + second · ends Jun 2052, second Jan 2057$322,215
New conventional · ends Jan 2057$367,938