Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,313/mo
Lowest payment- Down payment
- $215,700
- Funds due
- $230,514
- Interest + MI left
- $323,516
- First ends
- Jul 2052
Assumption
Assumption + second
$4,428/mo
+$1,115/mo- Down payment
- $63,700
- Funds due
- $79,897
- Interest + MI left
- $573,032
- First ends
- Jul 2052
New loan
New conventional
$4,723/mo
+$1,411/mo- Down payment
- $63,700
- Funds due
- $76,330
- Interest + MI left
- $825,496
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $419,300 | $419,300 | $571,300 |
| Second mortgage | — | $152,000 | — |
| First P&I | $2,223.64 | $2,223.64 | $3,843.17 |
| Second P&I | — | $1,115.32 | — |
| Mortgage insurance | $323.25 | $323.25 | $114.26 |
| Taxes, insurance & HOA | $765.75 | $765.75 | $765.75 |
| Total housing payment | $3,312.63 | $4,427.95 | $4,723.18 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$63,700
Closing costs & prepaids$16,197
Usable credit−$0
Total buyer cash needed$79,897
Earnest money paid−$0
Remaining funds due$79,897
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,350.00
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)$1,619.25
Initial HOA (3 months)$177.99
Prepaid interest, first (4 days)$191.61
Prepaid interest, second (4 days)$133.26
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 4 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 4.17%
Interest already paid$80,805Through Dec 2026
Assumption only · ends Jul 2052$323,516
Assumption + second · ends Jul 2052, second Jan 2057$573,032
New conventional · ends Jan 2057$825,496