Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,170/mo
Lowest payment- Down payment
- $100,254
- Funds due
- $111,234
- Interest + MI left
- $219,699
- First ends
- Jun 2052
Assumption
Assumption + second
$2,661/mo
+$491/mo- Down payment
- $39,254
- Funds due
- $51,499
- Interest + MI left
- $335,394
- First ends
- Jun 2052
New loan
New conventional
$2,904/mo
+$733/mo- Down payment
- $39,254
- Funds due
- $48,079
- Interest + MI left
- $524,278
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $284,746 | $284,746 | $345,746 |
| Second mortgage | — | $61,000 | — |
| First P&I | $1,510.07 | $1,510.07 | $2,393.88 |
| Second P&I | — | $490.82 | — |
| Mortgage insurance | $219.52 | $219.52 | $69.15 |
| Taxes, insurance & HOA | $440.67 | $440.67 | $440.67 |
| Total housing payment | $2,170.25 | $2,661.07 | $2,903.69 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,254
Closing costs & prepaids$12,245
Usable credit−$0
Total buyer cash needed$51,499
Earnest money paid−$0
Remaining funds due$51,499
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,850.00
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)$299.00
Initial HOA (3 months)$573.00
Prepaid interest, first (1 days)$32.53
Prepaid interest, second (1 days)$15.04
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$54,875Through Nov 2026
Assumption only · ends Jun 2052$219,699
Assumption + second · ends Jun 2052, second Dec 2056$335,394
New conventional · ends Dec 2056$524,278