Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,622/mo
Lowest payment- Down payment
- $65,389
- Funds due
- $77,120
- Interest + MI left
- $272,687
- First ends
- Jun 2052
Assumption
Assumption + second
$3,070/mo
+$448/mo- Down payment
- $21,389
- Funds due
- $34,499
- Interest + MI left
- $390,096
- First ends
- Jun 2052
New loan
New conventional
$3,244/mo
+$622/mo- Down payment
- $21,389
- Funds due
- $31,448
- Interest + MI left
- $584,988
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $354,611 | $354,611 | $398,611 |
| Second mortgage | — | $44,000 | — |
| First P&I | $1,884.02 | $1,884.02 | $2,700.33 |
| Second P&I | — | $448.36 | — |
| Mortgage insurance | $273.88 | $273.88 | $79.72 |
| Taxes, insurance & HOA | $464.00 | $464.00 | $464.00 |
| Total housing payment | $2,621.90 | $3,070.26 | $3,244.05 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$21,389
Closing costs & prepaids$13,110
Usable credit−$0
Total buyer cash needed$34,499
Earnest money paid−$0
Remaining funds due$34,499
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,200.00
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)$504.00
Initial HOA (3 months)$438.00
Prepaid interest, first (9 days)$364.62
Prepaid interest, second (9 days)$128.84
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$69,698Through Dec 2026
Assumption only · ends Jun 2052$272,687
Assumption + second · ends Jun 2052, second Jan 2057$390,096
New conventional · ends Jan 2057$584,988