Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,795/mo
Lowest payment- Down payment
- $64,971
- Funds due
- $75,106
- Interest + MI left
- $174,508
- First ends
- Aug 2052
Assumption
Assumption + second
$2,117/mo
+$322/mo- Down payment
- $24,971
- Funds due
- $36,405
- Interest + MI left
- $250,373
- First ends
- Aug 2052
New loan
New conventional
$2,128/mo
+$333/mo- Down payment
- $24,971
- Funds due
- $33,142
- Interest + MI left
- $321,675
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $180,029 | $180,029 | $220,029 |
| Second mortgage | — | $40,000 | — |
| First P&I | $1,065.30 | $1,065.30 | $1,490.55 |
| Second P&I | — | $321.85 | — |
| Mortgage insurance | $136.65 | $136.65 | $44.01 |
| Taxes, insurance & HOA | $593.25 | $593.25 | $593.25 |
| Total housing payment | $1,795.20 | $2,117.05 | $2,127.81 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$24,971
Closing costs & prepaids$11,434
Usable credit−$0
Total buyer cash needed$36,405
Earnest money paid−$0
Remaining funds due$36,405
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,450.00
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)$624.75
Initial HOA (3 months)$705.00
Prepaid interest, first (5 days)$129.47
Prepaid interest, second (5 days)$49.32
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 5.25%
Interest already paid$42,506Through Dec 2026
Assumption only · ends Aug 2052$174,508
Assumption + second · ends Aug 2052, second Jan 2057$250,373
New conventional · ends Jan 2057$321,675