Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,636/mo
Lowest payment- Down payment
- $90,858
- Funds due
- $102,661
- Interest + MI left
- $265,450
- First ends
- Jun 2052
Assumption
Assumption + second
$3,015/mo
+$378/mo- Down payment
- $43,858
- Funds due
- $56,923
- Interest + MI left
- $354,592
- First ends
- Jun 2052
New loan
New conventional
$3,332/mo
+$696/mo- Down payment
- $43,858
- Funds due
- $53,463
- Interest + MI left
- $593,042
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $344,042 | $344,042 | $391,042 |
| Second mortgage | — | $47,000 | — |
| First P&I | $1,824.53 | $1,824.53 | $2,707.50 |
| Second P&I | — | $378.17 | — |
| Mortgage insurance | $265.23 | $265.23 | $78.21 |
| Taxes, insurance & HOA | $546.67 | $546.67 | $546.67 |
| Total housing payment | $2,636.42 | $3,014.59 | $3,332.37 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,858
Closing costs & prepaids$13,065
Usable credit−$0
Total buyer cash needed$56,923
Earnest money paid−$0
Remaining funds due$56,923
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,349.00
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)$773.00
Initial HOA (3 months)$417.00
Prepaid interest, first (1 days)$39.31
Prepaid interest, second (1 days)$11.59
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 closing25 yr 7 moOf the original 30-year loan at 4.170%
Interest already paid$66,302Through Nov 2026
Assumption only · ends Jun 2052$265,450
Assumption + second · ends Jun 2052, second Dec 2056$354,592
New conventional · ends Dec 2056$593,042