Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,225/mo
Lowest payment- Down payment
- $100,775
- Funds due
- $112,177
- Interest + MI left
- $218,562
- First ends
- Jun 2052
Assumption
Assumption + second
$2,723/mo
+$499/mo- Down payment
- $38,775
- Funds due
- $51,564
- Interest + MI left
- $336,154
- First ends
- Jun 2052
New loan
New conventional
$2,910/mo
+$685/mo- Down payment
- $38,775
- Funds due
- $48,310
- Interest + MI left
- $506,238
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $284,225 | $284,225 | $346,225 |
| Second mortgage | — | $62,000 | — |
| First P&I | $1,510.07 | $1,510.07 | $2,345.45 |
| Second P&I | — | $498.87 | — |
| Mortgage insurance | $219.52 | $219.52 | $69.25 |
| Taxes, insurance & HOA | $495.00 | $495.00 | $495.00 |
| Total housing payment | $2,224.58 | $2,723.45 | $2,909.69 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,775
Closing costs & prepaids$12,790
Usable credit−$0
Total buyer cash needed$51,564
Earnest money paid−$0
Remaining funds due$51,564
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,850.00
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)$462.00
Initial HOA (3 months)$573.00
Prepaid interest, first (9 days)$292.25
Prepaid interest, second (9 days)$137.59
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 closing25 yr 6 moOf the original 30-year loan at 4.17%
Interest already paid$55,864Through Dec 2026
Assumption only · ends Jun 2052$218,562
Assumption + second · ends Jun 2052, second Jan 2057$336,154
New conventional · ends Jan 2057$506,238