Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,906/mo
Lowest payment- Down payment
- $87,867
- Funds due
- $98,192
- Interest + MI left
- $272,222
- First ends
- Feb 2056
Assumption
Assumption + second
$2,332/mo
+$426/mo- Down payment
- $34,867
- Funds due
- $46,455
- Interest + MI left
- $372,744
- First ends
- Feb 2056
New loan
New conventional
$2,560/mo
+$654/mo- Down payment
- $34,867
- Funds due
- $43,069
- Interest + MI left
- $468,759
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $256,133 | $256,133 | $309,133 |
| Second mortgage | — | $53,000 | — |
| First P&I | $1,429.39 | $1,429.39 | $2,140.37 |
| Second P&I | — | $426.45 | — |
| Mortgage insurance | $118.64 | $118.64 | $61.83 |
| Taxes, insurance & HOA | $357.58 | $357.58 | $357.58 |
| Total housing payment | $1,905.61 | $2,332.06 | $2,559.78 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,867
Closing costs & prepaids$11,588
Usable credit−$0
Total buyer cash needed$46,455
Earnest money paid−$0
Remaining funds due$46,455
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,440.00
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)$331.75
Initial HOA (3 months)$291.00
Prepaid interest, first (1 days)$36.84
Prepaid interest, second (1 days)$13.07
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 closing29 yr 3 moOf the original 30-year loan at 5.250%
Interest already paid$10,145Through Nov 2026
Assumption only · ends Feb 2056$272,222
Assumption + second · ends Feb 2056, second Dec 2056$372,744
New conventional · ends Dec 2056$468,759