Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,564/mo
Lowest payment- Down payment
- $113,102
- Funds due
- $123,039
- Interest + MI left
- $161,824
- First ends
- Jun 2052
Assumption
Assumption + second
$2,248/mo
+$684/mo- Down payment
- $28,102
- Funds due
- $39,310
- Interest + MI left
- $323,039
- First ends
- Jun 2052
New loan
New conventional
$2,240/mo
+$677/mo- Down payment
- $28,102
- Funds due
- $35,984
- Interest + MI left
- $382,020
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $166,898 | $166,898 | $251,898 |
| Second mortgage | — | $85,000 | — |
| First P&I | $991.11 | $991.11 | $1,744.09 |
| Second P&I | — | $683.93 | — |
| Mortgage insurance | $126.85 | $126.85 | $50.38 |
| Taxes, insurance & HOA | $445.75 | $445.75 | $445.75 |
| Total housing payment | $1,563.70 | $2,247.63 | $2,240.22 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,102
Closing costs & prepaids$11,207
Usable credit−$0
Total buyer cash needed$39,310
Earnest money paid−$0
Remaining funds due$39,310
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,800.00
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)$128.25
Initial HOA (3 months)$759.00
Prepaid interest, first (1 days)$24.10
Prepaid interest, second (1 days)$20.96
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 7 moOf the original 30-year loan at 5.270%
Interest already paid$40,346Through Nov 2026
Assumption only · ends Jun 2052$161,824
Assumption + second · ends Jun 2052, second Dec 2056$323,039
New conventional · ends Dec 2056$382,020