Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,152/mo
Lowest payment- Down payment
- $59,959
- Funds due
- $70,353
- Interest + MI left
- $270,414
- First ends
- Aug 2052
Assumption
Assumption + second
$2,354/mo
+$201/mo- Down payment
- $34,959
- Funds due
- $46,658
- Interest + MI left
- $317,830
- First ends
- Aug 2052
New loan
New conventional
$2,413/mo
+$261/mo- Down payment
- $34,959
- Funds due
- $43,382
- Interest + MI left
- $445,959
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $280,041 | $280,041 | $305,041 |
| Second mortgage | — | $25,000 | — |
| First P&I | $1,653.79 | $1,653.79 | $2,066.45 |
| Second P&I | — | $201.16 | — |
| Mortgage insurance | $212.61 | $212.61 | $61.01 |
| Taxes, insurance & HOA | $286.00 | $286.00 | $286.00 |
| Total housing payment | $2,152.40 | $2,353.56 | $2,413.46 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,959
Closing costs & prepaids$11,700
Usable credit−$0
Total buyer cash needed$46,658
Earnest money paid−$0
Remaining funds due$46,658
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,400.00
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)$408.00
Prepaid interest, first (9 days)$361.14
Prepaid interest, second (9 days)$55.48
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$65,876Through Dec 2026
Assumption only · ends Aug 2052$270,414
Assumption + second · ends Aug 2052, second Jan 2057$317,830
New conventional · ends Jan 2057$445,959