Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,974/mo
Lowest payment- Down payment
- $137,711
- Funds due
- $151,019
- Interest + MI left
- $318,106
- First ends
- Jul 2052
Assumption
Assumption + second
$3,634/mo
+$660/mo- Down payment
- $55,711
- Funds due
- $70,451
- Interest + MI left
- $473,631
- First ends
- Jul 2052
New loan
New conventional
$3,917/mo
+$943/mo- Down payment
- $55,711
- Funds due
- $67,113
- Interest + MI left
- $722,732
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $412,289 | $412,289 | $494,289 |
| Second mortgage | — | $82,000 | — |
| First P&I | $2,186.45 | $2,186.45 | $3,348.49 |
| Second P&I | — | $659.79 | — |
| Mortgage insurance | $317.84 | $317.84 | $98.86 |
| Taxes, insurance & HOA | $469.67 | $469.67 | $469.67 |
| Total housing payment | $2,973.96 | $3,633.75 | $3,917.01 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$55,711
Closing costs & prepaids$14,740
Usable credit−$0
Total buyer cash needed$70,451
Earnest money paid−$0
Remaining funds due$70,451
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,500.00
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)$660.00
Initial HOA (3 months)$249.00
Prepaid interest, first (9 days)$423.92
Prepaid interest, second (9 days)$181.97
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 7 moOf the original 30-year loan at 4.17%
Interest already paid$79,454Through Dec 2026
Assumption only · ends Jul 2052$318,106
Assumption + second · ends Jul 2052, second Jan 2057$473,631
New conventional · ends Jan 2057$722,732