Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$933/mo
Lowest payment- Down payment
- $140,272
- Funds due
- $149,434
- Interest + MI left
- $86,424
- First ends
- Nov 2052
Assumption
Assumption + second
$1,791/mo
+$859/mo- Down payment
- $23,272
- Funds due
- $33,813
- Interest + MI left
- $278,486
- First ends
- Nov 2052
New loan
New conventional
$1,779/mo
+$847/mo- Down payment
- $23,272
- Funds due
- $30,541
- Interest + MI left
- $300,767
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $88,728 | $88,728 | $205,728 |
| Second mortgage | — | $117,000 | — |
| First P&I | $521.06 | $521.06 | $1,393.67 |
| Second P&I | — | $858.50 | — |
| Mortgage insurance | $67.06 | $67.06 | $41.15 |
| Taxes, insurance & HOA | $344.67 | $344.67 | $344.67 |
| Total housing payment | $932.79 | $1,791.29 | $1,779.49 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$23,272
Closing costs & prepaids$10,541
Usable credit−$0
Total buyer cash needed$33,813
Earnest money paid−$0
Remaining funds due$33,813
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,290.00
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)$584.00
Prepaid interest, first (5 days)$63.45
Prepaid interest, second (5 days)$128.22
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 11 moOf the original 30-year loan at 5.22%
Interest already paid$19,582Through Dec 2026
Assumption only · ends Nov 2052$86,424
Assumption + second · ends Nov 2052, second Jan 2057$278,486
New conventional · ends Jan 2057$300,767