Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,745/mo
Lowest payment- Down payment
- $74,103
- Funds due
- $83,921
- Interest + MI left
- $217,716
- First ends
- Oct 2052
Assumption
Assumption + second
$2,099/mo
+$354/mo- Down payment
- $30,103
- Funds due
- $41,269
- Interest + MI left
- $301,168
- First ends
- Oct 2052
New loan
New conventional
$2,115/mo
+$371/mo- Down payment
- $30,103
- Funds due
- $38,000
- Interest + MI left
- $387,270
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $220,897 | $220,897 | $264,897 |
| Second mortgage | — | $44,000 | — |
| First P&I | $1,309.72 | $1,309.72 | $1,794.50 |
| Second P&I | — | $354.03 | — |
| Mortgage insurance | $167.06 | $167.06 | $52.98 |
| Taxes, insurance & HOA | $268.00 | $268.00 | $268.00 |
| Total housing payment | $1,744.78 | $2,098.82 | $2,115.48 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,103
Closing costs & prepaids$11,165
Usable credit−$0
Total buyer cash needed$41,269
Earnest money paid−$0
Remaining funds due$41,269
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,950.00
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)$354.00
Prepaid interest, first (9 days)$288.68
Prepaid interest, second (9 days)$97.64
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 10 moOf the original 30-year loan at 5.3%
Interest already paid$50,527Through Dec 2026
Assumption only · ends Oct 2052$217,716
Assumption + second · ends Oct 2052, second Jan 2057$301,168
New conventional · ends Jan 2057$387,270