Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,141/mo
Lowest payment- Down payment
- $386,839
- Funds due
- $404,005
- Interest + MI left
- $257,055
- First ends
- Jun 2052
Assumption
Assumption + second
$5,391/mo
+$2,250/mo- Down payment
- $72,839
- Funds due
- $91,322
- Interest + MI left
- $752,887
- First ends
- Jun 2052
New loan
New conventional
$5,728/mo
+$2,587/mo- Down payment
- $72,839
- Funds due
- $87,570
- Interest + MI left
- $981,334
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $333,161 | $333,161 | $647,161 |
| Second mortgage | — | $314,000 | — |
| First P&I | $1,766.82 | $1,766.82 | $4,480.81 |
| Second P&I | — | $2,249.53 | — |
| Mortgage insurance | $256.84 | $256.84 | $129.43 |
| Taxes, insurance & HOA | $1,117.67 | $1,117.67 | $1,117.67 |
| Total housing payment | $3,141.33 | $5,390.86 | $5,727.91 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$72,839
Closing costs & prepaids$18,483
Usable credit−$0
Total buyer cash needed$91,322
Earnest money paid−$0
Remaining funds due$91,322
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$7,200.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$2,403.00
Initial HOA (3 months)$300.00
Prepaid interest, first (1 days)$38.06
Prepaid interest, second (1 days)$66.67
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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$64,205Through Nov 2026
Assumption only · ends Jun 2052$257,055
Assumption + second · ends Jun 2052, second Dec 2056$752,887
New conventional · ends Dec 2056$981,334