Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,802/mo
Lowest payment- Down payment
- $42,853
- Funds due
- $52,555
- Interest + MI left
- $193,894
- First ends
- Jun 2052
Assumption
Assumption + second
$2,088/mo
+$285/mo- Down payment
- $14,853
- Funds due
- $25,860
- Interest + MI left
- $268,609
- First ends
- Jun 2052
New loan
New conventional
$2,222/mo
+$419/mo- Down payment
- $14,853
- Funds due
- $22,764
- Interest + MI left
- $411,134
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $252,147 | $252,147 | $280,147 |
| Second mortgage | — | $28,000 | — |
| First P&I | $1,339.64 | $1,339.64 | $1,897.81 |
| Second P&I | — | $285.32 | — |
| Mortgage insurance | $194.74 | $194.74 | $56.03 |
| Taxes, insurance & HOA | $268.00 | $268.00 | $268.00 |
| Total housing payment | $1,802.38 | $2,087.70 | $2,221.84 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$14,853
Closing costs & prepaids$11,006
Usable credit−$0
Total buyer cash needed$25,860
Earnest money paid−$0
Remaining funds due$25,860
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,950.00
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)$354.00
Prepaid interest, first (6 days)$172.84
Prepaid interest, second (6 days)$54.66
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$49,559Through Dec 2026
Assumption only · ends Jun 2052$193,894
Assumption + second · ends Jun 2052, second Jan 2057$268,609
New conventional · ends Jan 2057$411,134