Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,716/mo
Lowest payment- Down payment
- $111,840
- Funds due
- $122,129
- Interest + MI left
- $174,222
- First ends
- Apr 2052
Assumption
Assumption + second
$2,328/mo
+$612/mo- Down payment
- $35,840
- Funds due
- $47,492
- Interest + MI left
- $318,367
- First ends
- Apr 2052
New loan
New conventional
$2,474/mo
+$758/mo- Down payment
- $35,840
- Funds due
- $44,185
- Interest + MI left
- $457,829
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $237,160 | $237,160 | $313,160 |
| Second mortgage | — | $76,000 | — |
| First P&I | $1,242.23 | $1,242.23 | $2,121.45 |
| Second P&I | — | $611.51 | — |
| Mortgage insurance | $184.31 | $184.31 | $62.63 |
| Taxes, insurance & HOA | $289.58 | $289.58 | $289.58 |
| Total housing payment | $1,716.13 | $2,327.64 | $2,473.67 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,840
Closing costs & prepaids$11,652
Usable credit−$0
Total buyer cash needed$47,492
Earnest money paid−$0
Remaining funds due$47,492
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,490.00
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)$418.75
Prepaid interest, first (6 days)$155.94
Prepaid interest, second (6 days)$112.44
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 4 moOf the original 30-year loan at 4%
Interest already paid$46,525Through Dec 2026
Assumption only · ends Apr 2052$174,222
Assumption + second · ends Apr 2052, second Jan 2057$318,367
New conventional · ends Jan 2057$457,829