Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,353/mo
Lowest payment- Down payment
- $44,009
- Funds due
- $54,715
- Interest + MI left
- $271,331
- First ends
- Aug 2052
Assumption
Assumption + second
$2,628/mo
+$275/mo- Down payment
- $17,009
- Funds due
- $29,018
- Interest + MI left
- $343,378
- First ends
- Aug 2052
New loan
New conventional
$2,628/mo
+$275/mo- Down payment
- $17,009
- Funds due
- $25,867
- Interest + MI left
- $451,935
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $280,991 | $280,991 | $307,991 |
| Second mortgage | — | $27,000 | — |
| First P&I | $1,659.40 | $1,659.40 | $2,086.44 |
| Second P&I | — | $275.13 | — |
| Mortgage insurance | $213.34 | $213.34 | $61.60 |
| Taxes, insurance & HOA | $480.00 | $480.00 | $480.00 |
| Total housing payment | $2,352.73 | $2,627.86 | $2,628.04 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$17,009
Closing costs & prepaids$12,009
Usable credit−$0
Total buyer cash needed$29,018
Earnest money paid−$0
Remaining funds due$29,018
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,250.00
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)$390.00
Initial HOA (3 months)$600.00
Prepaid interest, first (6 days)$241.58
Prepaid interest, second (6 days)$52.71
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$66,100Through Dec 2026
Assumption only · ends Aug 2052$271,331
Assumption + second · ends Aug 2052, second Jan 2057$343,378
New conventional · ends Jan 2057$451,935