Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,402/mo
Lowest payment- Down payment
- $203,021
- Funds due
- $213,536
- Interest + MI left
- $144,266
- First ends
- Jun 2052
Assumption
Assumption + second
$2,605/mo
+$1,203/mo- Down payment
- $39,021
- Funds due
- $50,858
- Interest + MI left
- $413,481
- First ends
- Jun 2052
New loan
New conventional
$2,766/mo
+$1,365/mo- Down payment
- $39,021
- Funds due
- $47,446
- Interest + MI left
- $532,283
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $186,979 | $186,979 | $350,979 |
| Second mortgage | — | $164,000 | — |
| First P&I | $991.59 | $991.59 | $2,430.11 |
| Second P&I | — | $1,203.37 | — |
| Mortgage insurance | $144.15 | $144.15 | $70.20 |
| Taxes, insurance & HOA | $266.00 | $266.00 | $266.00 |
| Total housing payment | $1,401.74 | $2,605.11 | $2,766.30 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,021
Closing costs & prepaids$11,838
Usable credit−$0
Total buyer cash needed$50,858
Earnest money paid−$0
Remaining funds due$50,858
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,900.00
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)$348.00
Prepaid interest, first (2 days)$42.72
Prepaid interest, second (2 days)$71.89
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$36,034Through Nov 2026
Assumption only · ends Jun 2052$144,266
Assumption + second · ends Jun 2052, second Dec 2056$413,481
New conventional · ends Dec 2056$532,283