Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,709/mo
Lowest payment- Down payment
- $146,920
- Funds due
- $159,724
- Interest + MI left
- $294,501
- First ends
- Jun 2052
Assumption
Assumption + second
$3,457/mo
+$748/mo- Down payment
- $53,920
- Funds due
- $68,180
- Interest + MI left
- $470,889
- First ends
- Jun 2052
New loan
New conventional
$3,698/mo
+$989/mo- Down payment
- $53,920
- Funds due
- $64,833
- Interest + MI left
- $695,866
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $382,980 | $382,980 | $475,980 |
| Second mortgage | — | $93,000 | — |
| First P&I | $2,034.74 | $2,034.74 | $3,224.45 |
| Second P&I | — | $748.30 | — |
| Mortgage insurance | $295.79 | $295.79 | $95.20 |
| Taxes, insurance & HOA | $378.67 | $378.67 | $378.67 |
| Total housing payment | $2,709.20 | $3,457.50 | $3,698.32 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$53,920
Closing costs & prepaids$14,260
Usable credit−$0
Total buyer cash needed$68,180
Earnest money paid−$0
Remaining funds due$68,180
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,299.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$636.00
Prepaid interest, first (9 days)$393.79
Prepaid interest, second (9 days)$206.38
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$75,274Through Dec 2026
Assumption only · ends Jun 2052$294,501
Assumption + second · ends Jun 2052, second Jan 2057$470,889
New conventional · ends Jan 2057$695,866