Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,601/mo
Lowest payment- Down payment
- $45,317
- Funds due
- $56,493
- Interest + MI left
- $308,319
- First ends
- Jun 2052
Assumption
Assumption + second
$2,856/mo
+$255/mo- Down payment
- $20,317
- Funds due
- $32,816
- Interest + MI left
- $375,029
- First ends
- Jun 2052
New loan
New conventional
$2,995/mo
+$394/mo- Down payment
- $20,317
- Funds due
- $29,756
- Interest + MI left
- $564,546
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $359,682 | $359,682 | $384,682 |
| Second mortgage | — | $25,000 | — |
| First P&I | $2,013.08 | $2,013.08 | $2,605.97 |
| Second P&I | — | $254.75 | — |
| Mortgage insurance | $275.90 | $275.90 | $76.94 |
| Taxes, insurance & HOA | $312.00 | $312.00 | $312.00 |
| Total housing payment | $2,600.97 | $2,855.72 | $2,994.91 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$20,317
Closing costs & prepaids$12,498
Usable credit−$0
Total buyer cash needed$32,816
Earnest money paid−$0
Remaining funds due$32,816
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,049.99
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)$486.00
Prepaid interest, first (9 days)$414.18
Prepaid interest, second (9 days)$73.20
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 4.67%
Interest already paid$78,888Through Dec 2026
Assumption only · ends Jun 2052$308,319
Assumption + second · ends Jun 2052, second Jan 2057$375,029
New conventional · ends Jan 2057$564,546