Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,017/mo
Lowest payment- Down payment
- $50,842
- Funds due
- $61,003
- Interest + MI left
- $216,003
- First ends
- Sep 2052
Assumption
Assumption + second
$2,394/mo
+$377/mo- Down payment
- $13,842
- Funds due
- $25,265
- Interest + MI left
- $314,733
- First ends
- Sep 2052
New loan
New conventional
$2,376/mo
+$360/mo- Down payment
- $13,842
- Funds due
- $22,085
- Interest + MI left
- $389,813
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $219,158 | $219,158 | $256,158 |
| Second mortgage | — | $37,000 | — |
| First P&I | $1,299.41 | $1,299.41 | $1,773.59 |
| Second P&I | — | $377.03 | — |
| Mortgage insurance | $165.75 | $165.75 | $51.23 |
| Taxes, insurance & HOA | $551.58 | $551.58 | $551.58 |
| Total housing payment | $2,016.75 | $2,393.78 | $2,376.40 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$13,842
Closing costs & prepaids$11,424
Usable credit−$0
Total buyer cash needed$25,265
Earnest money paid−$0
Remaining funds due$25,265
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,700.00
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)$136.75
Initial HOA (3 months)$1,068.00
Prepaid interest, first (1 days)$31.82
Prepaid interest, second (1 days)$12.04
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 5.300%
Interest already paid$50,129Through Nov 2026
Assumption only · ends Sep 2052$216,003
Assumption + second · ends Sep 2052, second Dec 2056$314,733
New conventional · ends Dec 2056$389,813