Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,016/mo
Lowest payment- Down payment
- $93,891
- Funds due
- $106,447
- Interest + MI left
- $377,663
- First ends
- Aug 2052
Assumption
Assumption + second
$3,378/mo
+$362/mo- Down payment
- $48,891
- Funds due
- $62,797
- Interest + MI left
- $463,012
- First ends
- Aug 2052
New loan
New conventional
$3,451/mo
+$435/mo- Down payment
- $48,891
- Funds due
- $59,426
- Interest + MI left
- $637,663
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $391,109 | $391,109 | $436,109 |
| Second mortgage | — | $45,000 | — |
| First P&I | $2,309.70 | $2,309.70 | $2,954.35 |
| Second P&I | — | $362.08 | — |
| Mortgage insurance | $296.94 | $296.94 | $87.22 |
| Taxes, insurance & HOA | $409.00 | $409.00 | $409.00 |
| Total housing payment | $3,015.64 | $3,377.72 | $3,450.57 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$48,891
Closing costs & prepaids$13,906
Usable credit−$0
Total buyer cash needed$62,797
Earnest money paid−$0
Remaining funds due$62,797
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,850.00
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)$582.00
Initial HOA (3 months)$144.99
Prepaid interest, first (9 days)$504.37
Prepaid interest, second (9 days)$99.86
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$92,004Through Dec 2026
Assumption only · ends Aug 2052$377,663
Assumption + second · ends Aug 2052, second Jan 2057$463,012
New conventional · ends Jan 2057$637,663