Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,932/mo
Lowest payment- Down payment
- $70,630
- Funds due
- $80,688
- Interest + MI left
- $222,269
- First ends
- Aug 2052
Assumption
Assumption + second
$2,254/mo
+$322/mo- Down payment
- $30,630
- Funds due
- $41,958
- Interest + MI left
- $298,134
- First ends
- Aug 2052
New loan
New conventional
$2,325/mo
+$393/mo- Down payment
- $30,630
- Funds due
- $38,625
- Interest + MI left
- $408,462
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $229,369 | $229,369 | $269,369 |
| Second mortgage | — | $40,000 | — |
| First P&I | $1,352.46 | $1,352.46 | $1,865.06 |
| Second P&I | — | $321.85 | — |
| Mortgage insurance | $173.88 | $173.88 | $53.87 |
| Taxes, insurance & HOA | $405.83 | $405.83 | $405.83 |
| Total housing payment | $1,932.17 | $2,254.02 | $2,324.76 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,630
Closing costs & prepaids$11,328
Usable credit−$0
Total buyer cash needed$41,958
Earnest money paid−$0
Remaining funds due$41,958
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,999.99
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)$767.50
Prepaid interest, first (2 days)$65.73
Prepaid interest, second (2 days)$19.73
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 5.230%
Interest already paid$52,874Through Nov 2026
Assumption only · ends Aug 2052$222,269
Assumption + second · ends Aug 2052, second Dec 2056$298,134
New conventional · ends Dec 2056$408,462