Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,909/mo
Lowest payment- Down payment
- $85,218
- Funds due
- $95,494
- Interest + MI left
- $217,824
- First ends
- Sep 2052
Assumption
Assumption + second
$2,344/mo
+$434/mo- Down payment
- $31,218
- Funds due
- $42,811
- Interest + MI left
- $320,242
- First ends
- Sep 2052
New loan
New conventional
$2,358/mo
+$449/mo- Down payment
- $31,218
- Funds due
- $39,496
- Interest + MI left
- $407,625
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $224,782 | $224,782 | $278,782 |
| Second mortgage | — | $54,000 | — |
| First P&I | $1,325.41 | $1,325.41 | $1,888.57 |
| Second P&I | — | $434.50 | — |
| Mortgage insurance | $170.40 | $170.40 | $55.76 |
| Taxes, insurance & HOA | $413.50 | $413.50 | $413.50 |
| Total housing payment | $1,909.31 | $2,343.81 | $2,357.82 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$31,218
Closing costs & prepaids$11,593
Usable credit−$0
Total buyer cash needed$42,811
Earnest money paid−$0
Remaining funds due$42,811
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,100.00
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)$790.50
Prepaid interest, first (5 days)$161.04
Prepaid interest, second (5 days)$66.58
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 5 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 9 moOf the original 30-year loan at 5.23%
Interest already paid$51,816Through Dec 2026
Assumption only · ends Sep 2052$217,824
Assumption + second · ends Sep 2052, second Jan 2057$320,242
New conventional · ends Jan 2057$407,625