Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,991/mo
Lowest payment- Down payment
- $90,738
- Funds due
- $101,286
- Interest + MI left
- $213,976
- First ends
- Jun 2052
Assumption
Assumption + second
$2,417/mo
+$426/mo- Down payment
- $37,738
- Funds due
- $49,615
- Interest + MI left
- $314,498
- First ends
- Jun 2052
New loan
New conventional
$2,608/mo
+$617/mo- Down payment
- $37,738
- Funds due
- $46,309
- Interest + MI left
- $484,294
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $278,262 | $278,262 | $331,262 |
| Second mortgage | — | $53,000 | — |
| First P&I | $1,478.39 | $1,478.39 | $2,244.08 |
| Second P&I | — | $426.45 | — |
| Mortgage insurance | $214.91 | $214.91 | $66.25 |
| Taxes, insurance & HOA | $297.58 | $297.58 | $297.58 |
| Total housing payment | $1,990.88 | $2,417.33 | $2,607.92 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,738
Closing costs & prepaids$11,877
Usable credit−$0
Total buyer cash needed$49,615
Earnest money paid−$0
Remaining funds due$49,615
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,690.00
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)$442.75
Prepaid interest, first (6 days)$190.74
Prepaid interest, second (6 days)$78.41
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 6 moOf the original 30-year loan at 4.17%
Interest already paid$54,692Through Dec 2026
Assumption only · ends Jun 2052$213,976
Assumption + second · ends Jun 2052, second Jan 2057$314,498
New conventional · ends Jan 2057$484,294