Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,023/mo
Lowest payment- Down payment
- $74,086
- Funds due
- $84,306
- Interest + MI left
- $228,315
- First ends
- Jun 2052
Assumption
Assumption + second
$2,321/mo
+$298/mo- Down payment
- $37,086
- Funds due
- $48,575
- Interest + MI left
- $298,491
- First ends
- Jun 2052
New loan
New conventional
$2,598/mo
+$574/mo- Down payment
- $37,086
- Funds due
- $45,203
- Interest + MI left
- $504,885
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $295,913 | $295,913 | $332,913 |
| Second mortgage | — | $37,000 | — |
| First P&I | $1,569.29 | $1,569.29 | $2,305.02 |
| Second P&I | — | $297.71 | — |
| Mortgage insurance | $228.13 | $228.13 | $66.58 |
| Taxes, insurance & HOA | $226.00 | $226.00 | $226.00 |
| Total housing payment | $2,023.41 | $2,321.13 | $2,597.60 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,086
Closing costs & prepaids$11,489
Usable credit−$0
Total buyer cash needed$48,575
Earnest money paid−$0
Remaining funds due$48,575
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,699.99
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)$228.00
Prepaid interest, first (2 days)$67.61
Prepaid interest, second (2 days)$18.25
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 4.170%
Interest already paid$57,027Through Nov 2026
Assumption only · ends Jun 2052$228,315
Assumption + second · ends Jun 2052, second Dec 2056$298,491
New conventional · ends Dec 2056$504,885