Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,595/mo
Lowest payment- Down payment
- $75,680
- Funds due
- $85,448
- Interest + MI left
- $150,434
- First ends
- Jul 2052
Assumption
Assumption + second
$1,981/mo
+$386/mo- Down payment
- $27,680
- Funds due
- $38,722
- Interest + MI left
- $241,473
- First ends
- Jul 2052
New loan
New conventional
$2,143/mo
+$548/mo- Down payment
- $27,680
- Funds due
- $35,426
- Interest + MI left
- $367,446
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $194,320 | $194,320 | $242,320 |
| Second mortgage | — | $48,000 | — |
| First P&I | $1,028.65 | $1,028.65 | $1,677.77 |
| Second P&I | — | $386.22 | — |
| Mortgage insurance | $149.53 | $149.53 | $48.46 |
| Taxes, insurance & HOA | $416.42 | $416.42 | $416.42 |
| Total housing payment | $1,594.60 | $1,980.81 | $2,142.66 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$27,680
Closing costs & prepaids$11,042
Usable credit−$0
Total buyer cash needed$38,722
Earnest money paid−$0
Remaining funds due$38,722
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,700.00
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)$634.25
Initial HOA (3 months)$165.00
Prepaid interest, first (2 days)$44.40
Prepaid interest, second (2 days)$23.67
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 8 moOf the original 30-year loan at 4.170%
Interest already paid$36,705Through Nov 2026
Assumption only · ends Jul 2052$150,434
Assumption + second · ends Jul 2052, second Dec 2056$241,473
New conventional · ends Dec 2056$367,446