Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,707/mo
Lowest payment- Down payment
- $89,844
- Funds due
- $99,921
- Interest + MI left
- $171,376
- First ends
- Sep 2052
Assumption
Assumption + second
$2,222/mo
+$515/mo- Down payment
- $25,844
- Funds due
- $37,187
- Interest + MI left
- $292,761
- First ends
- Sep 2052
New loan
New conventional
$2,216/mo
+$508/mo- Down payment
- $25,844
- Funds due
- $33,885
- Interest + MI left
- $350,564
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $167,156 | $167,156 | $231,156 |
| Second mortgage | — | $64,000 | — |
| First P&I | $1,012.13 | $1,012.13 | $1,600.48 |
| Second P&I | — | $514.96 | — |
| Mortgage insurance | $126.13 | $126.13 | $46.23 |
| Taxes, insurance & HOA | $569.08 | $569.08 | $569.08 |
| Total housing payment | $1,707.34 | $2,222.30 | $2,215.79 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,844
Closing costs & prepaids$11,343
Usable credit−$0
Total buyer cash needed$37,187
Earnest money paid−$0
Remaining funds due$37,187
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,570.00
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)$621.25
Initial HOA (3 months)$636.00
Prepaid interest, first (1 days)$25.23
Prepaid interest, second (1 days)$15.78
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 5.510%
Interest already paid$39,701Through Nov 2026
Assumption only · ends Sep 2052$171,376
Assumption + second · ends Sep 2052, second Dec 2056$292,761
New conventional · ends Dec 2056$350,564