Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,699/mo
Lowest payment- Down payment
- $116,931
- Funds due
- $127,125
- Interest + MI left
- $206,377
- First ends
- Sep 2052
Assumption
Assumption + second
$2,367/mo
+$668/mo- Down payment
- $33,931
- Funds due
- $45,559
- Interest + MI left
- $363,798
- First ends
- Sep 2052
New loan
New conventional
$2,346/mo
+$647/mo- Down payment
- $33,931
- Funds due
- $42,236
- Interest + MI left
- $432,696
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $212,969 | $212,969 | $295,969 |
| Second mortgage | — | $83,000 | — |
| First P&I | $1,255.76 | $1,255.76 | $2,005.00 |
| Second P&I | — | $667.84 | — |
| Mortgage insurance | $161.44 | $161.44 | $59.19 |
| Taxes, insurance & HOA | $282.00 | $282.00 | $282.00 |
| Total housing payment | $1,699.20 | $2,367.04 | $2,346.19 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,931
Closing costs & prepaids$11,629
Usable credit−$0
Total buyer cash needed$45,559
Earnest money paid−$0
Remaining funds due$45,559
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,299.00
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)$396.00
Prepaid interest, first (9 days)$274.64
Prepaid interest, second (9 days)$184.19
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 5.23%
Interest already paid$49,093Through Dec 2026
Assumption only · ends Sep 2052$206,377
Assumption + second · ends Sep 2052, second Jan 2057$363,798
New conventional · ends Jan 2057$432,696