Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,883/mo
Lowest payment- Down payment
- $219,022
- Funds due
- $232,775
- Interest + MI left
- $313,238
- First ends
- Jul 2052
Assumption
Assumption + second
$4,027/mo
+$1,145/mo- Down payment
- $63,022
- Funds due
- $78,230
- Interest + MI left
- $569,320
- First ends
- Jul 2052
New loan
New conventional
$4,336/mo
+$1,453/mo- Down payment
- $63,022
- Funds due
- $74,730
- Interest + MI left
- $821,705
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $405,978 | $405,978 | $561,978 |
| Second mortgage | — | $156,000 | — |
| First P&I | $2,152.99 | $2,152.99 | $3,807.03 |
| Second P&I | — | $1,144.67 | — |
| Mortgage insurance | $312.98 | $312.98 | $112.40 |
| Taxes, insurance & HOA | $416.67 | $416.67 | $416.67 |
| Total housing payment | $2,882.63 | $4,027.30 | $4,336.10 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$63,022
Closing costs & prepaids$15,208
Usable credit−$0
Total buyer cash needed$78,230
Earnest money paid−$0
Remaining funds due$78,230
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,250.00
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)$750.00
Prepaid interest, first (6 days)$278.29
Prepaid interest, second (6 days)$205.15
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$78,238Through Dec 2026
Assumption only · ends Jul 2052$313,238
Assumption + second · ends Jul 2052, second Jan 2057$569,320
New conventional · ends Jan 2057$821,705