Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,691/mo
Lowest payment- Down payment
- $79,345
- Funds due
- $89,066
- Interest + MI left
- $185,260
- First ends
- Jun 2052
Assumption
Assumption + second
$2,069/mo
+$378/mo- Down payment
- $32,345
- Funds due
- $43,339
- Interest + MI left
- $274,402
- First ends
- Jun 2052
New loan
New conventional
$2,280/mo
+$589/mo- Down payment
- $32,345
- Funds due
- $40,004
- Interest + MI left
- $436,191
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $240,655 | $240,655 | $287,655 |
| Second mortgage | — | $47,000 | — |
| First P&I | $1,274.90 | $1,274.90 | $1,991.67 |
| Second P&I | — | $378.17 | — |
| Mortgage insurance | $185.55 | $185.55 | $57.53 |
| Taxes, insurance & HOA | $230.33 | $230.33 | $230.33 |
| Total housing payment | $1,690.78 | $2,068.95 | $2,279.53 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,345
Closing costs & prepaids$10,994
Usable credit−$0
Total buyer cash needed$43,339
Earnest money paid−$0
Remaining funds due$43,339
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,200.00
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)$241.00
Prepaid interest, first (2 days)$54.86
Prepaid interest, second (2 days)$23.18
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 4.160%
Interest already paid$46,270Through Nov 2026
Assumption only · ends Jun 2052$185,260
Assumption + second · ends Jun 2052, second Dec 2056$274,402
New conventional · ends Dec 2056$436,191