Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,927/mo
Lowest payment- Down payment
- $95,326
- Funds due
- $105,600
- Interest + MI left
- $215,786
- First ends
- Jun 2052
Assumption
Assumption + second
$2,386/mo
+$459/mo- Down payment
- $38,326
- Funds due
- $49,878
- Interest + MI left
- $323,895
- First ends
- Jun 2052
New loan
New conventional
$2,627/mo
+$700/mo- Down payment
- $38,326
- Funds due
- $46,489
- Interest + MI left
- $510,521
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $279,674 | $279,674 | $336,674 |
| Second mortgage | — | $57,000 | — |
| First P&I | $1,483.17 | $1,483.17 | $2,331.06 |
| Second P&I | — | $458.63 | — |
| Mortgage insurance | $215.61 | $215.61 | $67.33 |
| Taxes, insurance & HOA | $228.25 | $228.25 | $228.25 |
| Total housing payment | $1,927.03 | $2,385.66 | $2,626.65 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,326
Closing costs & prepaids$11,552
Usable credit−$0
Total buyer cash needed$49,878
Earnest money paid−$0
Remaining funds due$49,878
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,750.00
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)$234.75
Prepaid interest, first (2 days)$63.90
Prepaid interest, second (2 days)$28.11
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$53,897Through Nov 2026
Assumption only · ends Jun 2052$215,786
Assumption + second · ends Jun 2052, second Dec 2056$323,895
New conventional · ends Dec 2056$510,521