Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,400/mo
Lowest payment- Down payment
- $104,573
- Funds due
- $116,016
- Interest + MI left
- $261,779
- First ends
- Jun 2052
Assumption
Assumption + second
$2,882/mo
+$483/mo- Down payment
- $44,573
- Funds due
- $57,354
- Interest + MI left
- $375,578
- First ends
- Jun 2052
New loan
New conventional
$3,121/mo
+$721/mo- Down payment
- $44,573
- Funds due
- $54,009
- Interest + MI left
- $585,491
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $340,427 | $340,427 | $400,427 |
| Second mortgage | — | $60,000 | — |
| First P&I | $1,808.66 | $1,808.66 | $2,712.63 |
| Second P&I | — | $482.77 | — |
| Mortgage insurance | $262.92 | $262.92 | $80.09 |
| Taxes, insurance & HOA | $328.00 | $328.00 | $328.00 |
| Total housing payment | $2,399.58 | $2,882.36 | $3,120.72 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$44,573
Closing costs & prepaids$12,781
Usable credit−$0
Total buyer cash needed$57,354
Earnest money paid−$0
Remaining funds due$57,354
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,450.00
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)$534.00
Prepaid interest, first (6 days)$233.36
Prepaid interest, second (6 days)$88.77
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$66,910Through Dec 2026
Assumption only · ends Jun 2052$261,779
Assumption + second · ends Jun 2052, second Jan 2057$375,578
New conventional · ends Jan 2057$585,491