Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,822/mo
Lowest payment- Down payment
- $92,824
- Funds due
- $105,131
- Interest + MI left
- $303,868
- First ends
- Jan 2052
Assumption
Assumption + second
$3,168/mo
+$346/mo- Down payment
- $49,824
- Funds due
- $63,455
- Interest + MI left
- $385,424
- First ends
- Jan 2052
New loan
New conventional
$3,447/mo
+$626/mo- Down payment
- $49,824
- Funds due
- $60,120
- Interest + MI left
- $646,534
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $399,176 | $399,176 | $442,176 |
| Second mortgage | — | $43,000 | — |
| First P&I | $2,147.28 | $2,147.28 | $2,995.45 |
| Second P&I | — | $345.99 | — |
| Mortgage insurance | $311.03 | $311.03 | $88.44 |
| Taxes, insurance & HOA | $363.50 | $363.50 | $363.50 |
| Total housing payment | $2,821.81 | $3,167.80 | $3,447.39 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$49,824
Closing costs & prepaids$13,631
Usable credit−$0
Total buyer cash needed$63,455
Earnest money paid−$0
Remaining funds due$63,455
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,920.00
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)$590.50
Prepaid interest, first (7 days)$321.53
Prepaid interest, second (7 days)$74.22
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 7 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 1 moOf the original 30-year loan at 4.2%
Interest already paid$86,764Through Dec 2026
Assumption only · ends Jan 2052$303,868
Assumption + second · ends Jan 2052, second Jan 2057$385,424
New conventional · ends Jan 2057$646,534