Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,926/mo
Lowest payment- Down payment
- $136,960
- Funds due
- $149,747
- Interest + MI left
- $319,758
- First ends
- Jul 2052
Assumption
Assumption + second
$3,578/mo
+$652/mo- Down payment
- $55,960
- Funds due
- $70,017
- Interest + MI left
- $473,386
- First ends
- Jul 2052
New loan
New conventional
$3,941/mo
+$1,015/mo- Down payment
- $55,960
- Funds due
- $66,440
- Interest + MI left
- $749,146
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $413,040 | $413,040 | $494,040 |
| Second mortgage | — | $81,000 | — |
| First P&I | $2,186.45 | $2,186.45 | $3,420.63 |
| Second P&I | — | $651.74 | — |
| Mortgage insurance | $317.84 | $317.84 | $98.81 |
| Taxes, insurance & HOA | $421.58 | $421.58 | $421.58 |
| Total housing payment | $2,925.88 | $3,577.62 | $3,941.02 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$55,960
Closing costs & prepaids$14,057
Usable credit−$0
Total buyer cash needed$70,017
Earnest money paid−$0
Remaining funds due$70,017
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,500.00
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)$515.75
Initial HOA (3 months)$249.00
Prepaid interest, first (1 days)$47.19
Prepaid interest, second (1 days)$19.97
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 8 moOf the original 30-year loan at 4.170%
Interest already paid$78,019Through Nov 2026
Assumption only · ends Jul 2052$319,758
Assumption + second · ends Jul 2052, second Dec 2056$473,386
New conventional · ends Dec 2056$749,146