Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,654/mo
Lowest payment- Down payment
- $146,219
- Funds due
- $158,507
- Interest + MI left
- $296,034
- First ends
- Jun 2052
Assumption
Assumption + second
$3,402/mo
+$748/mo- Down payment
- $53,219
- Funds due
- $66,780
- Interest + MI left
- $472,422
- First ends
- Jun 2052
New loan
New conventional
$3,719/mo
+$1,065/mo- Down payment
- $53,219
- Funds due
- $63,228
- Interest + MI left
- $722,919
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $383,681 | $383,681 | $476,681 |
| Second mortgage | — | $93,000 | — |
| First P&I | $2,034.74 | $2,034.74 | $3,300.44 |
| Second P&I | — | $748.30 | — |
| Mortgage insurance | $295.79 | $295.79 | $95.34 |
| Taxes, insurance & HOA | $323.58 | $323.58 | $323.58 |
| Total housing payment | $2,654.11 | $3,402.41 | $3,719.36 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$53,219
Closing costs & prepaids$13,562
Usable credit−$0
Total buyer cash needed$66,780
Earnest money paid−$0
Remaining funds due$66,780
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,299.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$470.75
Prepaid interest, first (1 days)$43.83
Prepaid interest, second (1 days)$22.93
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$73,941Through Nov 2026
Assumption only · ends Jun 2052$296,034
Assumption + second · ends Jun 2052, second Dec 2056$472,422
New conventional · ends Dec 2056$722,919