Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,636/mo
Lowest payment- Down payment
- $67,554
- Funds due
- $78,932
- Interest + MI left
- $302,796
- First ends
- Jun 2052
Assumption
Assumption + second
$3,085/mo
+$448/mo- Down payment
- $23,554
- Funds due
- $36,196
- Interest + MI left
- $420,206
- First ends
- Jun 2052
New loan
New conventional
$3,362/mo
+$725/mo- Down payment
- $23,554
- Funds due
- $32,940
- Interest + MI left
- $664,169
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $392,446 | $392,446 | $436,446 |
| Second mortgage | — | $44,000 | — |
| First P&I | $2,081.22 | $2,081.22 | $3,021.86 |
| Second P&I | — | $448.36 | — |
| Mortgage insurance | $302.54 | $302.54 | $87.29 |
| Taxes, insurance & HOA | $252.58 | $252.58 | $252.58 |
| Total housing payment | $2,636.35 | $3,084.71 | $3,361.74 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$23,554
Closing costs & prepaids$12,642
Usable credit−$0
Total buyer cash needed$36,196
Earnest money paid−$0
Remaining funds due$36,196
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,600.00
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)$257.75
Prepaid interest, first (1 days)$44.84
Prepaid interest, second (1 days)$14.32
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$75,630Through Nov 2026
Assumption only · ends Jun 2052$302,796
Assumption + second · ends Jun 2052, second Dec 2056$420,206
New conventional · ends Dec 2056$664,169