Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,284/mo
Lowest payment- Down payment
- $54,696
- Funds due
- $65,313
- Interest + MI left
- $255,408
- First ends
- Aug 2052
Assumption
Assumption + second
$2,671/mo
+$387/mo- Down payment
- $16,696
- Funds due
- $28,588
- Interest + MI left
- $356,807
- First ends
- Aug 2052
New loan
New conventional
$2,702/mo
+$418/mo- Down payment
- $16,696
- Funds due
- $25,396
- Interest + MI left
- $469,167
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $270,304 | $270,304 | $308,304 |
| Second mortgage | — | $38,000 | — |
| First P&I | $1,573.03 | $1,573.03 | $2,134.63 |
| Second P&I | — | $387.22 | — |
| Mortgage insurance | $205.22 | $205.22 | $61.66 |
| Taxes, insurance & HOA | $505.59 | $505.59 | $505.59 |
| Total housing payment | $2,283.83 | $2,671.05 | $2,701.88 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$16,696
Closing costs & prepaids$11,892
Usable credit−$0
Total buyer cash needed$28,588
Earnest money paid−$0
Remaining funds due$28,588
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,250.00
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)$998.00
Initial HOA (3 months)$68.76
Prepaid interest, first (2 days)$75.54
Prepaid interest, second (2 days)$24.73
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 5.100%
Interest already paid$60,810Through Nov 2026
Assumption only · ends Aug 2052$255,408
Assumption + second · ends Aug 2052, second Dec 2056$356,807
New conventional · ends Dec 2056$469,167