Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,216/mo
Lowest payment- Down payment
- $166,734
- Funds due
- $177,006
- Interest + MI left
- $87,099
- First ends
- Jun 2052
Assumption
Assumption + second
$2,229/mo
+$1,013/mo- Down payment
- $28,734
- Funds due
- $40,528
- Interest + MI left
- $313,633
- First ends
- Jun 2052
New loan
New conventional
$2,279/mo
+$1,063/mo- Down payment
- $28,734
- Funds due
- $37,248
- Interest + MI left
- $367,342
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $113,266 | $113,266 | $251,266 |
| Second mortgage | — | $138,000 | — |
| First P&I | $601.78 | $601.78 | $1,702.16 |
| Second P&I | — | $1,012.60 | — |
| Mortgage insurance | $87.48 | $87.48 | $50.25 |
| Taxes, insurance & HOA | $527.00 | $527.00 | $527.00 |
| Total housing payment | $1,216.25 | $2,228.85 | $2,279.42 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,734
Closing costs & prepaids$11,795
Usable credit−$0
Total buyer cash needed$40,528
Earnest money paid−$0
Remaining funds due$40,528
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,800.00
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)$336.00
Initial HOA (3 months)$795.00
Prepaid interest, first (9 days)$116.46
Prepaid interest, second (9 days)$272.22
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$22,262Through Dec 2026
Assumption only · ends Jun 2052$87,099
Assumption + second · ends Jun 2052, second Jan 2057$313,633
New conventional · ends Jan 2057$367,342