Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,115/mo
Lowest payment- Down payment
- $82,180
- Funds due
- $92,766
- Interest + MI left
- $245,461
- First ends
- Aug 2052
Assumption
Assumption + second
$2,501/mo
+$386/mo- Down payment
- $34,180
- Funds due
- $46,076
- Interest + MI left
- $336,500
- First ends
- Aug 2052
New loan
New conventional
$2,517/mo
+$402/mo- Down payment
- $34,180
- Funds due
- $42,736
- Interest + MI left
- $436,864
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $250,820 | $250,820 | $298,820 |
| Second mortgage | — | $48,000 | — |
| First P&I | $1,491.66 | $1,491.66 | $2,024.31 |
| Second P&I | — | $386.22 | — |
| Mortgage insurance | $190.27 | $190.27 | $59.76 |
| Taxes, insurance & HOA | $433.08 | $433.08 | $433.08 |
| Total housing payment | $2,115.02 | $2,501.23 | $2,517.16 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,180
Closing costs & prepaids$11,896
Usable credit−$0
Total buyer cash needed$46,076
Earnest money paid−$0
Remaining funds due$46,076
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,330.00
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)$849.25
Prepaid interest, first (5 days)$182.10
Prepaid interest, second (5 days)$59.18
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$59,766Through Dec 2026
Assumption only · ends Aug 2052$245,461
Assumption + second · ends Aug 2052, second Jan 2057$336,500
New conventional · ends Jan 2057$436,864