Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,115/mo
Lowest payment- Down payment
- $136,787
- Funds due
- $147,617
- Interest + MI left
- $265,222
- First ends
- Sep 2052
Assumption
Assumption + second
$2,896/mo
+$780/mo- Down payment
- $39,787
- Funds due
- $51,891
- Interest + MI left
- $449,197
- First ends
- Sep 2052
New loan
New conventional
$2,886/mo
+$771/mo- Down payment
- $39,787
- Funds due
- $48,453
- Interest + MI left
- $538,704
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $258,213 | $258,213 | $355,213 |
| Second mortgage | — | $97,000 | — |
| First P&I | $1,565.04 | $1,565.04 | $2,459.42 |
| Second P&I | — | $780.48 | — |
| Mortgage insurance | $194.81 | $194.81 | $71.04 |
| Taxes, insurance & HOA | $355.50 | $355.50 | $355.50 |
| Total housing payment | $2,115.36 | $2,895.84 | $2,885.97 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,787
Closing costs & prepaids$12,104
Usable credit−$0
Total buyer cash needed$51,891
Earnest money paid−$0
Remaining funds due$51,891
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,950.00
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)$400.50
Initial HOA (3 months)$216.00
Prepaid interest, first (1 days)$39.05
Prepaid interest, second (1 days)$23.92
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$61,436Through Nov 2026
Assumption only · ends Sep 2052$265,222
Assumption + second · ends Sep 2052, second Dec 2056$449,197
New conventional · ends Dec 2056$538,704