Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,682/mo
Lowest payment- Down payment
- $64,739
- Funds due
- $76,367
- Interest + MI left
- $274,106
- First ends
- Jun 2052
Assumption
Assumption + second
$3,120/mo
+$438/mo- Down payment
- $21,739
- Funds due
- $34,645
- Interest + MI left
- $388,847
- First ends
- Jun 2052
New loan
New conventional
$3,361/mo
+$679/mo- Down payment
- $21,739
- Funds due
- $31,429
- Interest + MI left
- $606,061
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $355,261 | $355,261 | $398,261 |
| Second mortgage | — | $43,000 | — |
| First P&I | $1,884.02 | $1,884.02 | $2,757.48 |
| Second P&I | — | $438.17 | — |
| Mortgage insurance | $273.88 | $273.88 | $79.65 |
| Taxes, insurance & HOA | $523.75 | $523.75 | $523.75 |
| Total housing payment | $2,681.65 | $3,119.82 | $3,360.88 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$21,739
Closing costs & prepaids$12,905
Usable credit−$0
Total buyer cash needed$34,645
Earnest money paid−$0
Remaining funds due$34,645
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,200.00
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)$683.25
Initial HOA (3 months)$438.00
Prepaid interest, first (2 days)$81.17
Prepaid interest, second (2 days)$27.98
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 4.170%
Interest already paid$68,464Through Nov 2026
Assumption only · ends Jun 2052$274,106
Assumption + second · ends Jun 2052, second Dec 2056$388,847
New conventional · ends Dec 2056$606,061