Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,467/mo
Lowest payment- Down payment
- $69,453
- Funds due
- $80,703
- Interest + MI left
- $280,857
- First ends
- Jun 2052
Assumption
Assumption + second
$2,684/mo
+$217/mo- Down payment
- $42,453
- Funds due
- $55,013
- Interest + MI left
- $332,066
- First ends
- Jun 2052
New loan
New conventional
$2,914/mo
+$448/mo- Down payment
- $42,453
- Funds due
- $51,761
- Interest + MI left
- $544,651
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $345,547 | $345,547 | $372,547 |
| Second mortgage | — | $27,000 | — |
| First P&I | $1,884.58 | $1,884.58 | $2,523.76 |
| Second P&I | — | $217.25 | — |
| Mortgage insurance | $265.95 | $265.95 | $74.51 |
| Taxes, insurance & HOA | $316.00 | $316.00 | $316.00 |
| Total housing payment | $2,466.53 | $2,683.78 | $2,914.27 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,453
Closing costs & prepaids$12,560
Usable credit−$0
Total buyer cash needed$55,013
Earnest money paid−$0
Remaining funds due$55,013
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,150.00
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)$498.00
Prepaid interest, first (9 days)$376.60
Prepaid interest, second (9 days)$59.92
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 4.42%
Interest already paid$71,857Through Dec 2026
Assumption only · ends Jun 2052$280,857
Assumption + second · ends Jun 2052, second Jan 2057$332,066
New conventional · ends Jan 2057$544,651