Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,420/mo
Lowest payment- Down payment
- $68,844
- Funds due
- $79,618
- Interest + MI left
- $282,313
- First ends
- Jun 2052
Assumption
Assumption + second
$2,637/mo
+$217/mo- Down payment
- $41,844
- Funds due
- $53,875
- Interest + MI left
- $333,523
- First ends
- Jun 2052
New loan
New conventional
$2,928/mo
+$508/mo- Down payment
- $41,844
- Funds due
- $50,434
- Interest + MI left
- $565,916
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $346,156 | $346,156 | $373,156 |
| Second mortgage | — | $27,000 | — |
| First P&I | $1,884.58 | $1,884.58 | $2,583.66 |
| Second P&I | — | $217.25 | — |
| Mortgage insurance | $265.95 | $265.95 | $74.63 |
| Taxes, insurance & HOA | $269.33 | $269.33 | $269.33 |
| Total housing payment | $2,419.86 | $2,637.11 | $2,927.62 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$41,844
Closing costs & prepaids$12,032
Usable credit−$0
Total buyer cash needed$53,875
Earnest money paid−$0
Remaining funds due$53,875
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,150.00
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)$358.00
Prepaid interest, first (1 days)$41.92
Prepaid interest, second (1 days)$6.66
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 4.420%
Interest already paid$70,582Through Nov 2026
Assumption only · ends Jun 2052$282,313
Assumption + second · ends Jun 2052, second Dec 2056$333,523
New conventional · ends Dec 2056$565,916