Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,144/mo
Lowest payment- Down payment
- $40,425
- Funds due
- $51,028
- Interest + MI left
- $206,505
- First ends
- Jul 2052
Assumption
Assumption + second
$2,419/mo
+$275/mo- Down payment
- $13,425
- Funds due
- $25,322
- Interest + MI left
- $278,552
- First ends
- Jul 2052
New loan
New conventional
$2,429/mo
+$285/mo- Down payment
- $13,425
- Funds due
- $22,188
- Interest + MI left
- $369,056
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $224,475 | $224,475 | $251,475 |
| Second mortgage | — | $27,000 | — |
| First P&I | $1,297.26 | $1,297.26 | $1,703.58 |
| Second P&I | — | $275.13 | — |
| Mortgage insurance | $171.17 | $171.17 | $50.29 |
| Taxes, insurance & HOA | $675.17 | $675.17 | $675.17 |
| Total housing payment | $2,143.60 | $2,418.73 | $2,429.04 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$13,425
Closing costs & prepaids$11,897
Usable credit−$0
Total buyer cash needed$25,322
Earnest money paid−$0
Remaining funds due$25,322
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,649.00
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)$675.50
Initial HOA (3 months)$900.00
Prepaid interest, first (5 days)$153.75
Prepaid interest, second (5 days)$43.92
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 7 moOf the original 30-year loan at 5%
Interest already paid$51,574Through Dec 2026
Assumption only · ends Jul 2052$206,505
Assumption + second · ends Jul 2052, second Jan 2057$278,552
New conventional · ends Jan 2057$369,056