Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,142/mo
Lowest payment- Down payment
- $116,309
- Funds due
- $127,446
- Interest + MI left
- $238,709
- First ends
- Jun 2052
Assumption
Assumption + second
$2,745/mo
+$603/mo- Down payment
- $41,309
- Funds due
- $53,862
- Interest + MI left
- $380,957
- First ends
- Jun 2052
New loan
New conventional
$2,885/mo
+$744/mo- Down payment
- $41,309
- Funds due
- $50,566
- Interest + MI left
- $539,087
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $293,691 | $293,691 | $368,691 |
| Second mortgage | — | $75,000 | — |
| First P&I | $1,601.77 | $1,601.77 | $2,497.64 |
| Second P&I | — | $603.47 | — |
| Mortgage insurance | $226.04 | $226.04 | $73.74 |
| Taxes, insurance & HOA | $314.00 | $314.00 | $314.00 |
| Total housing payment | $2,141.80 | $2,745.27 | $2,885.38 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$41,309
Closing costs & prepaids$12,554
Usable credit−$0
Total buyer cash needed$53,862
Earnest money paid−$0
Remaining funds due$53,862
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,100.00
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)$492.00
Prepaid interest, first (9 days)$320.08
Prepaid interest, second (9 days)$166.44
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 6 moOf the original 30-year loan at 4.42%
Interest already paid$61,074Through Dec 2026
Assumption only · ends Jun 2052$238,709
Assumption + second · ends Jun 2052, second Jan 2057$380,957
New conventional · ends Jan 2057$539,087