Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,148/mo
Lowest payment- Down payment
- $166,526
- Funds due
- $176,504
- Interest + MI left
- $87,552
- First ends
- Jun 2052
Assumption
Assumption + second
$2,161/mo
+$1,013/mo- Down payment
- $28,526
- Funds due
- $39,814
- Interest + MI left
- $314,086
- First ends
- Jun 2052
New loan
New conventional
$2,250/mo
+$1,102/mo- Down payment
- $28,526
- Funds due
- $36,494
- Interest + MI left
- $381,327
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $113,474 | $113,474 | $251,474 |
| Second mortgage | — | $138,000 | — |
| First P&I | $601.78 | $601.78 | $1,741.16 |
| Second P&I | — | $1,012.60 | — |
| Mortgage insurance | $87.48 | $87.48 | $50.29 |
| Taxes, insurance & HOA | $458.92 | $458.92 | $458.92 |
| Total housing payment | $1,148.17 | $2,160.77 | $2,250.37 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,526
Closing costs & prepaids$11,288
Usable credit−$0
Total buyer cash needed$39,814
Earnest money paid−$0
Remaining funds due$39,814
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,800.00
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)$131.75
Initial HOA (3 months)$795.00
Prepaid interest, first (2 days)$25.93
Prepaid interest, second (2 days)$60.49
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$21,868Through Nov 2026
Assumption only · ends Jun 2052$87,552
Assumption + second · ends Jun 2052, second Dec 2056$314,086
New conventional · ends Dec 2056$381,327