Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,026/mo
Lowest payment- Down payment
- $258,775
- Funds due
- $273,033
- Interest + MI left
- $357,496
- First ends
- Aug 2052
Assumption
Assumption + second
$4,457/mo
+$1,431/mo- Down payment
- $63,775
- Funds due
- $79,540
- Interest + MI left
- $677,599
- First ends
- Aug 2052
New loan
New conventional
$4,500/mo
+$1,475/mo- Down payment
- $63,775
- Funds due
- $75,944
- Interest + MI left
- $826,452
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $370,225 | $370,225 | $565,225 |
| Second mortgage | — | $195,000 | — |
| First P&I | $2,186.37 | $2,186.37 | $3,829.03 |
| Second P&I | — | $1,430.84 | — |
| Mortgage insurance | $281.08 | $281.08 | $113.05 |
| Taxes, insurance & HOA | $558.25 | $558.25 | $558.25 |
| Total housing payment | $3,025.70 | $4,456.54 | $4,500.33 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$63,775
Closing costs & prepaids$15,764
Usable credit−$0
Total buyer cash needed$79,540
Earnest money paid−$0
Remaining funds due$79,540
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,290.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$754.75
Initial HOA (3 months)$420.00
Prepaid interest, first (6 days)$318.29
Prepaid interest, second (6 days)$256.44
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 5.23%
Interest already paid$87,091Through Dec 2026
Assumption only · ends Aug 2052$357,496
Assumption + second · ends Aug 2052, second Jan 2057$677,599
New conventional · ends Jan 2057$826,452