Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,099/mo
Lowest payment- Down payment
- $155,138
- Funds due
- $166,244
- Interest + MI left
- $252,082
- First ends
- Oct 2052
Assumption
Assumption + second
$2,936/mo
+$836/mo- Down payment
- $41,138
- Funds due
- $53,519
- Interest + MI left
- $439,219
- First ends
- Oct 2052
New loan
New conventional
$3,026/mo
+$926/mo- Down payment
- $41,138
- Funds due
- $50,070
- Interest + MI left
- $559,404
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $254,862 | $254,862 | $368,862 |
| Second mortgage | — | $114,000 | — |
| First P&I | $1,508.83 | $1,508.83 | $2,553.93 |
| Second P&I | — | $836.49 | — |
| Mortgage insurance | $192.46 | $192.46 | $73.77 |
| Taxes, insurance & HOA | $398.00 | $398.00 | $398.00 |
| Total housing payment | $2,099.29 | $2,935.78 | $3,025.70 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$41,138
Closing costs & prepaids$12,381
Usable credit−$0
Total buyer cash needed$53,519
Earnest money paid−$0
Remaining funds due$53,519
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,100.00
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)$408.00
Initial HOA (3 months)$336.00
Prepaid interest, first (1 days)$37.01
Prepaid interest, second (1 days)$24.99
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 11 moOf the original 30-year loan at 5.300%
Interest already paid$57,082Through Nov 2026
Assumption only · ends Oct 2052$252,082
Assumption + second · ends Oct 2052, second Dec 2056$439,219
New conventional · ends Dec 2056$559,404