Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,822/mo
Lowest payment- Down payment
- $72,919
- Funds due
- $82,907
- Interest + MI left
- $217,236
- First ends
- Jul 2052
Assumption
Assumption + second
$2,152/mo
+$330/mo- Down payment
- $31,919
- Funds due
- $43,248
- Interest + MI left
- $294,998
- First ends
- Jul 2052
New loan
New conventional
$2,213/mo
+$391/mo- Down payment
- $31,919
- Funds due
- $39,989
- Interest + MI left
- $406,545
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $237,081 | $237,081 | $278,081 |
| Second mortgage | — | $41,000 | — |
| First P&I | $1,367.33 | $1,367.33 | $1,883.82 |
| Second P&I | — | $329.90 | — |
| Mortgage insurance | $180.83 | $180.83 | $55.62 |
| Taxes, insurance & HOA | $274.00 | $274.00 | $274.00 |
| Total housing payment | $1,822.16 | $2,152.06 | $2,213.43 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$31,919
Closing costs & prepaids$11,329
Usable credit−$0
Total buyer cash needed$43,248
Earnest money paid−$0
Remaining funds due$43,248
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,100.00
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)$372.00
Prepaid interest, first (9 days)$291.12
Prepaid interest, second (9 days)$90.99
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 7 moOf the original 30-year loan at 4.98%
Interest already paid$54,259Through Dec 2026
Assumption only · ends Jul 2052$217,236
Assumption + second · ends Jul 2052, second Jan 2057$294,998
New conventional · ends Jan 2057$406,545