Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,507/mo
Lowest payment- Down payment
- $42,865
- Funds due
- $53,705
- Interest + MI left
- $300,573
- First ends
- Aug 2052
Assumption
Assumption + second
$2,762/mo
+$255/mo- Down payment
- $17,865
- Funds due
- $29,996
- Interest + MI left
- $367,283
- First ends
- Aug 2052
New loan
New conventional
$2,764/mo
+$257/mo- Down payment
- $17,865
- Funds due
- $26,831
- Interest + MI left
- $487,363
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $307,135 | $307,135 | $332,135 |
| Second mortgage | — | $25,000 | — |
| First P&I | $1,826.57 | $1,826.57 | $2,250.00 |
| Second P&I | — | $254.75 | — |
| Mortgage insurance | $232.99 | $232.99 | $66.43 |
| Taxes, insurance & HOA | $447.50 | $447.50 | $447.50 |
| Total housing payment | $2,507.07 | $2,761.82 | $2,763.93 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$17,865
Closing costs & prepaids$12,131
Usable credit−$0
Total buyer cash needed$29,996
Earnest money paid−$0
Remaining funds due$29,996
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,500.00
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)$892.50
Prepaid interest, first (5 days)$222.99
Prepaid interest, second (5 days)$40.67
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 8 moOf the original 30-year loan at 5.3%
Interest already paid$73,185Through Dec 2026
Assumption only · ends Aug 2052$300,573
Assumption + second · ends Aug 2052, second Jan 2057$367,283
New conventional · ends Jan 2057$487,363