Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,564/mo
Lowest payment- Down payment
- $45,886
- Funds due
- $55,223
- Interest + MI left
- $163,121
- First ends
- Aug 2052
Assumption
Assumption + second
$1,890/mo
+$326/mo- Down payment
- $13,886
- Funds due
- $24,535
- Interest + MI left
- $248,509
- First ends
- Aug 2052
New loan
New conventional
$2,007/mo
+$443/mo- Down payment
- $13,886
- Funds due
- $21,437
- Interest + MI left
- $368,476
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $219,114 | $219,114 | $251,114 |
| Second mortgage | — | $32,000 | — |
| First P&I | $1,139.10 | $1,139.10 | $1,701.13 |
| Second P&I | — | $326.08 | — |
| Mortgage insurance | $169.01 | $169.01 | $50.22 |
| Taxes, insurance & HOA | $256.00 | $256.00 | $256.00 |
| Total housing payment | $1,564.11 | $1,890.19 | $2,007.36 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$13,886
Closing costs & prepaids$10,650
Usable credit−$0
Total buyer cash needed$24,535
Earnest money paid−$0
Remaining funds due$24,535
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,650.00
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)$318.00
Prepaid interest, first (6 days)$144.08
Prepaid interest, second (6 days)$62.47
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 4%
Interest already paid$39,750Through Dec 2026
Assumption only · ends Aug 2052$163,121
Assumption + second · ends Aug 2052, second Jan 2057$248,509
New conventional · ends Jan 2057$368,476