Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,754/mo
Lowest payment- Down payment
- $66,431
- Funds due
- $76,145
- Interest + MI left
- $224,502
- First ends
- Oct 2052
Assumption
Assumption + second
$2,051/mo
+$298/mo- Down payment
- $29,431
- Funds due
- $40,477
- Interest + MI left
- $294,678
- First ends
- Oct 2052
New loan
New conventional
$2,046/mo
+$293/mo- Down payment
- $29,431
- Funds due
- $37,206
- Interest + MI left
- $373,582
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $218,569 | $218,569 | $255,569 |
| Second mortgage | — | $37,000 | — |
| First P&I | $1,324.76 | $1,324.76 | $1,731.31 |
| Second P&I | — | $297.71 | — |
| Mortgage insurance | $164.90 | $164.90 | $51.11 |
| Taxes, insurance & HOA | $264.00 | $264.00 | $264.00 |
| Total housing payment | $1,753.66 | $2,051.37 | $2,046.43 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,431
Closing costs & prepaids$11,047
Usable credit−$0
Total buyer cash needed$40,477
Earnest money paid−$0
Remaining funds due$40,477
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,850.00
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)$342.00
Prepaid interest, first (9 days)$297.49
Prepaid interest, second (9 days)$82.11
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 10 moOf the original 30-year loan at 5.52%
Interest already paid$52,003Through Dec 2026
Assumption only · ends Oct 2052$224,502
Assumption + second · ends Oct 2052, second Jan 2057$294,678
New conventional · ends Jan 2057$373,582