Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,140/mo
Lowest payment- Down payment
- $253,233
- Funds due
- $264,566
- Interest + MI left
- $38,601
- First ends
- Aug 2052
Assumption
Assumption + second
$2,737/mo
+$1,598/mo- Down payment
- $30,233
- Funds due
- $42,864
- Interest + MI left
- $390,737
- First ends
- Aug 2052
New loan
New conventional
$2,753/mo
+$1,614/mo- Down payment
- $30,233
- Funds due
- $39,512
- Interest + MI left
- $401,332
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $41,667 | $41,667 | $264,667 |
| Second mortgage | — | $223,000 | — |
| First P&I | $240.03 | $240.03 | $1,832.50 |
| Second P&I | — | $1,597.60 | — |
| Mortgage insurance | $31.67 | $31.67 | $52.93 |
| Taxes, insurance & HOA | $867.92 | $867.92 | $867.92 |
| Total housing payment | $1,139.62 | $2,737.22 | $2,753.35 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,233
Closing costs & prepaids$12,631
Usable credit−$0
Total buyer cash needed$42,864
Earnest money paid−$0
Remaining funds due$42,864
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,949.00
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)$893.75
Initial HOA (3 months)$1,260.00
Prepaid interest, first (1 days)$5.71
Prepaid interest, second (1 days)$47.35
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 9 moOf the original 30-year loan at 5.000%
Interest already paid$9,196Through Nov 2026
Assumption only · ends Aug 2052$38,601
Assumption + second · ends Aug 2052, second Dec 2056$390,737
New conventional · ends Dec 2056$401,332