Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,465/mo
Lowest payment- Down payment
- $88,195
- Funds due
- $99,324
- Interest + MI left
- $288,626
- First ends
- Aug 2052
Assumption
Assumption + second
$2,859/mo
+$394/mo- Down payment
- $39,195
- Funds due
- $51,586
- Interest + MI left
- $381,562
- First ends
- Aug 2052
New loan
New conventional
$2,950/mo
+$485/mo- Down payment
- $39,195
- Funds due
- $48,159
- Interest + MI left
- $524,216
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $296,705 | $296,705 | $345,705 |
| Second mortgage | — | $49,000 | — |
| First P&I | $1,753.03 | $1,753.03 | $2,393.59 |
| Second P&I | — | $394.27 | — |
| Mortgage insurance | $224.87 | $224.87 | $69.14 |
| Taxes, insurance & HOA | $487.17 | $487.17 | $487.17 |
| Total housing payment | $2,465.06 | $2,859.33 | $2,949.90 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,195
Closing costs & prepaids$12,390
Usable credit−$0
Total buyer cash needed$51,586
Earnest money paid−$0
Remaining funds due$51,586
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,849.00
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)$1,011.50
Prepaid interest, first (1 days)$42.68
Prepaid interest, second (1 days)$12.08
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 5.250%
Interest already paid$68,649Through Nov 2026
Assumption only · ends Aug 2052$288,626
Assumption + second · ends Aug 2052, second Dec 2056$381,562
New conventional · ends Dec 2056$524,216