Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,961/mo
Lowest payment- Down payment
- $123,555
- Funds due
- $134,563
- Interest + MI left
- $190,070
- First ends
- Jul 2052
Assumption
Assumption + second
$2,653/mo
+$692/mo- Down payment
- $37,555
- Funds due
- $49,919
- Interest + MI left
- $353,182
- First ends
- Jul 2052
New loan
New conventional
$2,782/mo
+$822/mo- Down payment
- $37,555
- Funds due
- $46,574
- Interest + MI left
- $485,877
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $246,345 | $246,345 | $332,345 |
| Second mortgage | — | $86,000 | — |
| First P&I | $1,306.42 | $1,306.42 | $2,251.42 |
| Second P&I | — | $691.98 | — |
| Mortgage insurance | $189.91 | $189.91 | $66.47 |
| Taxes, insurance & HOA | $464.42 | $464.42 | $464.42 |
| Total housing payment | $1,960.75 | $2,652.72 | $2,782.31 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,555
Closing costs & prepaids$12,364
Usable credit−$0
Total buyer cash needed$49,919
Earnest money paid−$0
Remaining funds due$49,919
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,699.00
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)$943.25
Prepaid interest, first (5 days)$140.72
Prepaid interest, second (5 days)$106.03
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$47,474Through Dec 2026
Assumption only · ends Jul 2052$190,070
Assumption + second · ends Jul 2052, second Jan 2057$353,182
New conventional · ends Jan 2057$485,877