Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,512/mo
Lowest payment- Down payment
- $51,172
- Funds due
- $60,331
- Interest + MI left
- $184,793
- First ends
- Aug 2052
Assumption
Assumption + second
$1,729/mo
+$217/mo- Down payment
- $24,172
- Funds due
- $34,641
- Interest + MI left
- $236,002
- First ends
- Aug 2052
New loan
New conventional
$1,751/mo
+$239/mo- Down payment
- $24,172
- Funds due
- $31,425
- Interest + MI left
- $315,575
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $188,827 | $188,827 | $215,827 |
| Second mortgage | — | $27,000 | — |
| First P&I | $1,122.98 | $1,122.98 | $1,462.09 |
| Second P&I | — | $217.25 | — |
| Mortgage insurance | $143.24 | $143.24 | $43.17 |
| Taxes, insurance & HOA | $246.00 | $246.00 | $246.00 |
| Total housing payment | $1,512.23 | $1,729.47 | $1,751.25 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$24,172
Closing costs & prepaids$10,470
Usable credit−$0
Total buyer cash needed$34,641
Earnest money paid−$0
Remaining funds due$34,641
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,399.99
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)$288.00
Prepaid interest, first (9 days)$246.77
Prepaid interest, second (9 days)$59.92
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 5.3%
Interest already paid$44,994Through Dec 2026
Assumption only · ends Aug 2052$184,793
Assumption + second · ends Aug 2052, second Jan 2057$236,002
New conventional · ends Jan 2057$315,575