Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,446/mo
Lowest payment- Down payment
- $40,255
- Funds due
- $51,354
- Interest + MI left
- $241,917
- First ends
- Aug 2052
Assumption
Assumption + second
$2,700/mo
+$255/mo- Down payment
- $15,255
- Funds due
- $27,620
- Interest + MI left
- $308,627
- First ends
- Aug 2052
New loan
New conventional
$2,741/mo
+$295/mo- Down payment
- $15,255
- Funds due
- $24,441
- Interest + MI left
- $417,946
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $249,645 | $249,645 | $274,645 |
| Second mortgage | — | $25,000 | — |
| First P&I | $1,472.01 | $1,472.01 | $1,901.59 |
| Second P&I | — | $254.75 | — |
| Mortgage insurance | $189.25 | $189.25 | $54.93 |
| Taxes, insurance & HOA | $784.42 | $784.42 | $784.42 |
| Total housing payment | $2,445.68 | $2,700.43 | $2,740.93 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$15,255
Closing costs & prepaids$12,365
Usable credit−$0
Total buyer cash needed$27,620
Earnest money paid−$0
Remaining funds due$27,620
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,899.00
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)$832.25
Initial HOA (3 months)$1,071.00
Prepaid interest, first (2 days)$71.54
Prepaid interest, second (2 days)$16.27
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$57,548Through Nov 2026
Assumption only · ends Aug 2052$241,917
Assumption + second · ends Aug 2052, second Dec 2056$308,627
New conventional · ends Dec 2056$417,946