Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,975/mo
Lowest payment- Down payment
- $86,190
- Funds due
- $96,895
- Interest + MI left
- $177,148
- First ends
- Jun 2052
Assumption
Assumption + second
$2,394/mo
+$418/mo- Down payment
- $34,190
- Funds due
- $46,171
- Interest + MI left
- $275,773
- First ends
- Jun 2052
New loan
New conventional
$2,667/mo
+$692/mo- Down payment
- $34,190
- Funds due
- $42,825
- Interest + MI left
- $462,265
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $252,810 | $252,810 | $304,810 |
| Second mortgage | — | $52,000 | — |
| First P&I | $1,283.29 | $1,283.29 | $2,110.44 |
| Second P&I | — | $418.40 | — |
| Mortgage insurance | $196.04 | $196.04 | $60.96 |
| Taxes, insurance & HOA | $496.00 | $496.00 | $496.00 |
| Total housing payment | $1,975.33 | $2,393.73 | $2,667.40 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,190
Closing costs & prepaids$11,981
Usable credit−$0
Total buyer cash needed$46,171
Earnest money paid−$0
Remaining funds due$46,171
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,390.00
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)$1,038.00
Prepaid interest, first (2 days)$52.09
Prepaid interest, second (2 days)$25.64
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 3.760%
Interest already paid$44,064Through Nov 2026
Assumption only · ends Jun 2052$177,148
Assumption + second · ends Jun 2052, second Dec 2056$275,773
New conventional · ends Dec 2056$462,265