Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,553/mo
Lowest payment- Down payment
- $91,487
- Funds due
- $103,353
- Interest + MI left
- $264,075
- First ends
- Jun 2052
Assumption
Assumption + second
$2,931/mo
+$378/mo- Down payment
- $44,487
- Funds due
- $57,708
- Interest + MI left
- $353,218
- First ends
- Jun 2052
New loan
New conventional
$3,186/mo
+$633/mo- Down payment
- $44,487
- Funds due
- $54,446
- Interest + MI left
- $570,770
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $343,413 | $343,413 | $390,413 |
| Second mortgage | — | $47,000 | — |
| First P&I | $1,824.53 | $1,824.53 | $2,644.79 |
| Second P&I | — | $378.17 | — |
| Mortgage insurance | $265.23 | $265.23 | $78.08 |
| Taxes, insurance & HOA | $463.00 | $463.00 | $463.00 |
| Total housing payment | $2,552.75 | $2,930.93 | $3,185.88 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$44,487
Closing costs & prepaids$13,220
Usable credit−$0
Total buyer cash needed$57,708
Earnest money paid−$0
Remaining funds due$57,708
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)$522.00
Initial HOA (3 months)$417.00
Prepaid interest, first (9 days)$353.10
Prepaid interest, second (9 days)$104.30
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$67,497Through Dec 2026
Assumption only · ends Jun 2052$264,075
Assumption + second · ends Jun 2052, second Jan 2057$353,218
New conventional · ends Jan 2057$570,770