Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,376/mo
Lowest payment- Down payment
- $222,879
- Funds due
- $233,991
- Interest + MI left
- $90,958
- First ends
- Apr 2052
Assumption
Assumption + second
$2,719/mo
+$1,343/mo- Down payment
- $39,879
- Funds due
- $52,281
- Interest + MI left
- $391,362
- First ends
- Apr 2052
New loan
New conventional
$2,968/mo
+$1,592/mo- Down payment
- $39,879
- Funds due
- $48,850
- Interest + MI left
- $530,760
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $167,021 | $167,021 | $350,021 |
| Second mortgage | — | $183,000 | — |
| First P&I | $769.44 | $769.44 | $2,423.47 |
| Second P&I | — | $1,342.79 | — |
| Mortgage insurance | $131.96 | $131.96 | $70.00 |
| Taxes, insurance & HOA | $474.92 | $474.92 | $474.92 |
| Total housing payment | $1,376.32 | $2,719.11 | $2,968.40 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,879
Closing costs & prepaids$12,402
Usable credit−$0
Total buyer cash needed$52,281
Earnest money paid−$0
Remaining funds due$52,281
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,899.00
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)$974.75
Prepaid interest, first (1 days)$13.00
Prepaid interest, second (1 days)$40.11
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 5 moOf the original 30-year loan at 2.840%
Interest already paid$23,045Through Nov 2026
Assumption only · ends Apr 2052$90,958
Assumption + second · ends Apr 2052, second Dec 2056$391,362
New conventional · ends Dec 2056$530,760