Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,651/mo
Lowest payment- Down payment
- $104,406
- Funds due
- $114,294
- Interest + MI left
- $181,775
- First ends
- Jun 2052
Assumption
Assumption + second
$2,214/mo
+$563/mo- Down payment
- $34,406
- Funds due
- $45,579
- Interest + MI left
- $314,540
- First ends
- Jun 2052
New loan
New conventional
$2,397/mo
+$746/mo- Down payment
- $34,406
- Funds due
- $42,220
- Interest + MI left
- $463,393
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $235,594 | $235,594 | $305,594 |
| Second mortgage | — | $70,000 | — |
| First P&I | $1,249.40 | $1,249.40 | $2,115.87 |
| Second P&I | — | $563.24 | — |
| Mortgage insurance | $181.62 | $181.62 | $61.12 |
| Taxes, insurance & HOA | $219.83 | $219.83 | $219.83 |
| Total housing payment | $1,650.86 | $2,214.10 | $2,396.82 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,406
Closing costs & prepaids$11,173
Usable credit−$0
Total buyer cash needed$45,579
Earnest money paid−$0
Remaining funds due$45,579
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,400.00
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)$209.50
Prepaid interest, first (2 days)$53.83
Prepaid interest, second (2 days)$34.52
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$45,402Through Nov 2026
Assumption only · ends Jun 2052$181,775
Assumption + second · ends Jun 2052, second Dec 2056$314,540
New conventional · ends Dec 2056$463,393