Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,873/mo
Lowest payment- Down payment
- $94,175
- Funds due
- $104,594
- Interest + MI left
- $181,657
- First ends
- Jun 2052
Assumption
Assumption + second
$2,356/mo
+$483/mo- Down payment
- $34,175
- Funds due
- $45,859
- Interest + MI left
- $295,455
- First ends
- Jun 2052
New loan
New conventional
$2,581/mo
+$707/mo- Down payment
- $34,175
- Funds due
- $42,487
- Interest + MI left
- $462,288
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $244,825 | $244,825 | $304,825 |
| Second mortgage | — | $60,000 | — |
| First P&I | $1,275.14 | $1,275.14 | $2,110.55 |
| Second P&I | — | $482.77 | — |
| Mortgage insurance | $189.19 | $189.19 | $60.97 |
| Taxes, insurance & HOA | $409.00 | $409.00 | $409.00 |
| Total housing payment | $1,873.33 | $2,356.11 | $2,580.51 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,175
Closing costs & prepaids$11,684
Usable credit−$0
Total buyer cash needed$45,859
Earnest money paid−$0
Remaining funds due$45,859
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,390.00
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)$777.00
Prepaid interest, first (1 days)$26.83
Prepaid interest, second (1 days)$14.79
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 7 moOf the original 30-year loan at 4.000%
Interest already paid$45,314Through Nov 2026
Assumption only · ends Jun 2052$181,657
Assumption + second · ends Jun 2052, second Dec 2056$295,455
New conventional · ends Dec 2056$462,288