Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,173/mo
Lowest payment- Down payment
- $200,449
- Funds due
- $212,462
- Interest + MI left
- $238,859
- First ends
- Nov 2052
Assumption
Assumption + second
$3,311/mo
+$1,137/mo- Down payment
- $45,449
- Funds due
- $58,848
- Interest + MI left
- $493,300
- First ends
- Nov 2052
New loan
New conventional
$3,335/mo
+$1,161/mo- Down payment
- $45,449
- Funds due
- $55,382
- Interest + MI left
- $584,553
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $249,551 | $249,551 | $404,551 |
| Second mortgage | — | $155,000 | — |
| First P&I | $1,452.17 | $1,452.17 | $2,721.44 |
| Second P&I | — | $1,137.34 | — |
| Mortgage insurance | $188.81 | $188.81 | $80.91 |
| Taxes, insurance & HOA | $532.50 | $532.50 | $532.50 |
| Total housing payment | $2,173.47 | $3,310.81 | $3,334.85 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,449
Closing costs & prepaids$13,399
Usable credit−$0
Total buyer cash needed$58,848
Earnest money paid−$0
Remaining funds due$58,848
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)$1,147.50
Prepaid interest, first (4 days)$140.30
Prepaid interest, second (4 days)$135.89
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 4 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 11 moOf the original 30-year loan at 5.13%
Interest already paid$54,154Through Dec 2026
Assumption only · ends Nov 2052$238,859
Assumption + second · ends Nov 2052, second Jan 2057$493,300
New conventional · ends Jan 2057$584,553