Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,954/mo
Lowest payment- Down payment
- $109,109
- Funds due
- $121,724
- Interest + MI left
- $329,172
- First ends
- Aug 2052
Assumption
Assumption + second
$3,469/mo
+$515/mo- Down payment
- $45,109
- Funds due
- $59,069
- Interest + MI left
- $450,557
- First ends
- Aug 2052
New loan
New conventional
$3,506/mo
+$552/mo- Down payment
- $45,109
- Funds due
- $55,658
- Interest + MI left
- $592,018
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $340,891 | $340,891 | $404,891 |
| Second mortgage | — | $64,000 | — |
| First P&I | $2,013.14 | $2,013.14 | $2,742.87 |
| Second P&I | — | $514.96 | — |
| Mortgage insurance | $258.81 | $258.81 | $80.98 |
| Taxes, insurance & HOA | $682.50 | $682.50 | $682.50 |
| Total housing payment | $2,954.45 | $3,469.41 | $3,506.35 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,109
Closing costs & prepaids$13,960
Usable credit−$0
Total buyer cash needed$59,069
Earnest money paid−$0
Remaining funds due$59,069
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,500.00
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)$1,597.50
Prepaid interest, first (6 days)$293.07
Prepaid interest, second (6 days)$94.68
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 8 moOf the original 30-year loan at 5.23%
Interest already paid$80,191Through Dec 2026
Assumption only · ends Aug 2052$329,172
Assumption + second · ends Aug 2052, second Jan 2057$450,557
New conventional · ends Jan 2057$592,018