Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,911/mo
Lowest payment- Down payment
- $56,006
- Funds due
- $65,912
- Interest + MI left
- $215,951
- First ends
- Aug 2052
Assumption
Assumption + second
$2,128/mo
+$217/mo- Down payment
- $29,006
- Funds due
- $40,175
- Interest + MI left
- $267,160
- First ends
- Aug 2052
New loan
New conventional
$2,229/mo
+$318/mo- Down payment
- $29,006
- Funds due
- $36,862
- Interest + MI left
- $388,181
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $228,994 | $228,994 | $255,994 |
| Second mortgage | — | $27,000 | — |
| First P&I | $1,331.28 | $1,331.28 | $1,772.45 |
| Second P&I | — | $217.25 | — |
| Mortgage insurance | $173.88 | $173.88 | $51.20 |
| Taxes, insurance & HOA | $405.83 | $405.83 | $405.83 |
| Total housing payment | $1,910.98 | $2,128.23 | $2,229.48 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,006
Closing costs & prepaids$11,170
Usable credit−$0
Total buyer cash needed$40,175
Earnest money paid−$0
Remaining funds due$40,175
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)$767.50
Prepaid interest, first (2 days)$63.87
Prepaid interest, second (2 days)$13.32
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 5.090%
Interest already paid$51,418Through Nov 2026
Assumption only · ends Aug 2052$215,951
Assumption + second · ends Aug 2052, second Dec 2056$267,160
New conventional · ends Dec 2056$388,181