Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,734/mo
Lowest payment- Down payment
- $68,271
- Funds due
- $80,301
- Interest + MI left
- $301,229
- First ends
- Jun 2052
Assumption
Assumption + second
$3,193/mo
+$459/mo- Down payment
- $23,271
- Funds due
- $36,683
- Interest + MI left
- $421,307
- First ends
- Jun 2052
New loan
New conventional
$3,397/mo
+$662/mo- Down payment
- $23,271
- Funds due
- $33,638
- Interest + MI left
- $640,928
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $391,729 | $391,729 | $436,729 |
| Second mortgage | — | $45,000 | — |
| First P&I | $2,081.22 | $2,081.22 | $2,958.55 |
| Second P&I | — | $458.55 | — |
| Mortgage insurance | $302.54 | $302.54 | $87.35 |
| Taxes, insurance & HOA | $350.67 | $350.67 | $350.67 |
| Total housing payment | $2,734.43 | $3,192.98 | $3,396.57 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$23,271
Closing costs & prepaids$13,412
Usable credit−$0
Total buyer cash needed$36,683
Earnest money paid−$0
Remaining funds due$36,683
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,600.00
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)$552.00
Prepaid interest, first (9 days)$402.78
Prepaid interest, second (9 days)$131.76
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$76,994Through Dec 2026
Assumption only · ends Jun 2052$301,229
Assumption + second · ends Jun 2052, second Jan 2057$421,307
New conventional · ends Jan 2057$640,928