Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,121/mo
Lowest payment- Down payment
- $57,236
- Funds due
- $67,823
- Interest + MI left
- $214,235
- First ends
- Jul 2052
Assumption
Assumption + second
$2,529/mo
+$408/mo- Down payment
- $17,236
- Funds due
- $29,138
- Interest + MI left
- $320,971
- First ends
- Jul 2052
New loan
New conventional
$2,650/mo
+$529/mo- Down payment
- $17,236
- Funds due
- $26,004
- Interest + MI left
- $466,129
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $277,664 | $277,664 | $317,664 |
| Second mortgage | — | $40,000 | — |
| First P&I | $1,472.51 | $1,472.51 | $2,151.97 |
| Second P&I | — | $407.60 | — |
| Mortgage insurance | $214.06 | $214.06 | $63.53 |
| Taxes, insurance & HOA | $434.67 | $434.67 | $434.67 |
| Total housing payment | $2,121.23 | $2,528.83 | $2,650.17 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$17,236
Closing costs & prepaids$11,902
Usable credit−$0
Total buyer cash needed$29,138
Earnest money paid−$0
Remaining funds due$29,138
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,349.00
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)$854.00
Prepaid interest, first (5 days)$158.61
Prepaid interest, second (5 days)$65.07
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 5 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$53,510Through Dec 2026
Assumption only · ends Jul 2052$214,235
Assumption + second · ends Jul 2052, second Jan 2057$320,971
New conventional · ends Jan 2057$466,129