Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,100/mo
Lowest payment- Down payment
- $102,369
- Funds due
- $115,370
- Interest + MI left
- $337,583
- First ends
- Jul 2052
Assumption
Assumption + second
$3,487/mo
+$386/mo- Down payment
- $54,369
- Funds due
- $68,691
- Interest + MI left
- $428,621
- First ends
- Jul 2052
New loan
New conventional
$3,829/mo
+$729/mo- Down payment
- $54,369
- Funds due
- $65,300
- Interest + MI left
- $709,927
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $437,531 | $437,531 | $485,531 |
| Second mortgage | — | $48,000 | — |
| First P&I | $2,320.32 | $2,320.32 | $3,289.16 |
| Second P&I | — | $386.22 | — |
| Mortgage insurance | $337.30 | $337.30 | $97.11 |
| Taxes, insurance & HOA | $442.67 | $442.67 | $442.67 |
| Total housing payment | $3,100.29 | $3,486.51 | $3,828.93 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$54,369
Closing costs & prepaids$14,323
Usable credit−$0
Total buyer cash needed$68,691
Earnest money paid−$0
Remaining funds due$68,691
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,399.00
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)$648.00
Initial HOA (3 months)$180.00
Prepaid interest, first (6 days)$299.92
Prepaid interest, second (6 days)$71.01
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 7 moOf the original 30-year loan at 4.17%
Interest already paid$84,318Through Dec 2026
Assumption only · ends Jul 2052$337,583
Assumption + second · ends Jul 2052, second Jan 2057$428,621
New conventional · ends Jan 2057$709,927