Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,079/mo
Lowest payment- Down payment
- $51,173
- Funds due
- $61,776
- Interest + MI left
- $214,913
- First ends
- Sep 2052
Assumption
Assumption + second
$2,456/mo
+$377/mo- Down payment
- $14,173
- Funds due
- $26,134
- Interest + MI left
- $313,644
- First ends
- Sep 2052
New loan
New conventional
$2,398/mo
+$319/mo- Down payment
- $14,173
- Funds due
- $23,001
- Interest + MI left
- $375,392
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $218,827 | $218,827 | $255,827 |
| Second mortgage | — | $37,000 | — |
| First P&I | $1,299.41 | $1,299.41 | $1,733.06 |
| Second P&I | — | $377.03 | — |
| Mortgage insurance | $165.75 | $165.75 | $51.17 |
| Taxes, insurance & HOA | $614.00 | $614.00 | $614.00 |
| Total housing payment | $2,079.16 | $2,456.19 | $2,398.23 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$14,173
Closing costs & prepaids$11,961
Usable credit−$0
Total buyer cash needed$26,134
Earnest money paid−$0
Remaining funds due$26,134
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,700.00
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)$324.00
Initial HOA (3 months)$1,068.00
Prepaid interest, first (9 days)$285.97
Prepaid interest, second (9 days)$108.34
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 5.3%
Interest already paid$51,097Through Dec 2026
Assumption only · ends Sep 2052$214,913
Assumption + second · ends Sep 2052, second Jan 2057$313,644
New conventional · ends Jan 2057$375,392