Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,269/mo
Lowest payment- Down payment
- $43,092
- Funds due
- $53,566
- Interest + MI left
- $293,832
- First ends
- Feb 2053
Assumption
Assumption + second
$2,534/mo
+$265/mo- Down payment
- $17,092
- Funds due
- $28,892
- Interest + MI left
- $363,210
- First ends
- Feb 2053
New loan
New conventional
$2,557/mo
+$288/mo- Down payment
- $17,092
- Funds due
- $25,783
- Interest + MI left
- $473,740
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $296,807 | $296,807 | $322,807 |
| Second mortgage | — | $26,000 | — |
| First P&I | $1,740.46 | $1,740.46 | $2,186.81 |
| Second P&I | — | $264.94 | — |
| Mortgage insurance | $223.26 | $223.26 | $64.56 |
| Taxes, insurance & HOA | $305.33 | $305.33 | $305.33 |
| Total housing payment | $2,269.05 | $2,533.99 | $2,556.70 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$17,092
Closing costs & prepaids$11,800
Usable credit−$0
Total buyer cash needed$28,892
Earnest money paid−$0
Remaining funds due$28,892
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,398.99
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)$408.00
Initial HOA (3 months)$57.99
Prepaid interest, first (9 days)$384.22
Prepaid interest, second (9 days)$76.13
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 closing26 yr 2 moOf the original 30-year loan at 5.25%
Interest already paid$61,684Through Dec 2026
Assumption only · ends Feb 2053$293,832
Assumption + second · ends Feb 2053, second Jan 2057$363,210
New conventional · ends Jan 2057$473,740