Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,355/mo
Lowest payment- Down payment
- $47,727
- Funds due
- $58,833
- Interest + MI left
- $208,537
- First ends
- Jul 2051
Assumption
Assumption + second
$2,630/mo
+$275/mo- Down payment
- $20,727
- Funds due
- $33,162
- Interest + MI left
- $280,584
- First ends
- Jul 2051
New loan
New conventional
$3,028/mo
+$673/mo- Down payment
- $20,727
- Funds due
- $30,225
- Interest + MI left
- $571,137
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $362,173 | $362,173 | $389,173 |
| Second mortgage | — | $27,000 | — |
| First P&I | $1,784.35 | $1,784.35 | $2,636.39 |
| Second P&I | — | $275.13 | — |
| Mortgage insurance | $256.54 | $256.54 | $77.83 |
| Taxes, insurance & HOA | $314.00 | $314.00 | $314.00 |
| Total housing payment | $2,354.88 | $2,630.02 | $3,028.23 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$20,727
Closing costs & prepaids$12,435
Usable credit−$0
Total buyer cash needed$33,162
Earnest money paid−$0
Remaining funds due$33,162
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,099.00
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)$290.23
Prepaid interest, second (9 days)$79.06
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 closing24 yr 7 moOf the original 30-year loan at 3.25%
Interest already paid$68,155Through Dec 2026
Assumption only · ends Jul 2051$208,537
Assumption + second · ends Jul 2051, second Jan 2057$280,584
New conventional · ends Jan 2057$571,137