Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,486/mo
Lowest payment- Down payment
- $50,884
- Funds due
- $59,772
- Interest + MI left
- $185,732
- First ends
- Aug 2052
Assumption
Assumption + second
$1,695/mo
+$209/mo- Down payment
- $24,884
- Funds due
- $35,035
- Interest + MI left
- $235,045
- First ends
- Aug 2052
New loan
New conventional
$1,752/mo
+$266/mo- Down payment
- $24,884
- Funds due
- $31,755
- Interest + MI left
- $326,150
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $189,115 | $189,115 | $215,115 |
| Second mortgage | — | $26,000 | — |
| First P&I | $1,122.98 | $1,122.98 | $1,489.41 |
| Second P&I | — | $209.20 | — |
| Mortgage insurance | $143.24 | $143.24 | $43.02 |
| Taxes, insurance & HOA | $219.33 | $219.33 | $219.33 |
| Total housing payment | $1,485.56 | $1,694.76 | $1,751.77 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$24,884
Closing costs & prepaids$10,151
Usable credit−$0
Total buyer cash needed$35,035
Earnest money paid−$0
Remaining funds due$35,035
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,399.99
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)$208.00
Prepaid interest, first (2 days)$54.92
Prepaid interest, second (2 days)$12.82
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 9 moOf the original 30-year loan at 5.300%
Interest already paid$44,159Through Nov 2026
Assumption only · ends Aug 2052$185,732
Assumption + second · ends Aug 2052, second Dec 2056$235,045
New conventional · ends Dec 2056$326,150