Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,644/mo
Lowest payment- Down payment
- $44,837
- Funds due
- $53,828
- Interest + MI left
- $215,867
- First ends
- Sep 2052
Assumption
Assumption + second
$1,970/mo
+$326/mo- Down payment
- $12,837
- Funds due
- $23,089
- Interest + MI left
- $301,256
- First ends
- Sep 2052
New loan
New conventional
$1,937/mo
+$293/mo- Down payment
- $12,837
- Funds due
- $19,917
- Interest + MI left
- $368,564
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $210,163 | $210,163 | $242,163 |
| Second mortgage | — | $32,000 | — |
| First P&I | $1,273.81 | $1,273.81 | $1,676.69 |
| Second P&I | — | $326.08 | — |
| Mortgage insurance | $158.56 | $158.56 | $48.43 |
| Taxes, insurance & HOA | $211.42 | $211.42 | $211.42 |
| Total housing payment | $1,643.79 | $1,969.87 | $1,936.54 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$12,837
Closing costs & prepaids$10,251
Usable credit−$0
Total buyer cash needed$23,089
Earnest money paid−$0
Remaining funds due$23,089
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,550.00
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)$126.75
Initial HOA (3 months)$57.51
Prepaid interest, first (1 days)$31.78
Prepaid interest, second (1 days)$10.41
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 10 moOf the original 30-year loan at 5.520%
Interest already paid$50,003Through Nov 2026
Assumption only · ends Sep 2052$215,867
Assumption + second · ends Sep 2052, second Dec 2056$301,256
New conventional · ends Dec 2056$368,564