Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,439/mo
Lowest payment- Down payment
- $50,582
- Funds due
- $62,105
- Interest + MI left
- $182,859
- First ends
- Feb 2052
Assumption
Assumption + second
$2,755/mo
+$316/mo- Down payment
- $19,582
- Funds due
- $32,365
- Interest + MI left
- $265,580
- First ends
- Feb 2052
New loan
New conventional
$3,189/mo
+$750/mo- Down payment
- $19,582
- Funds due
- $29,154
- Interest + MI left
- $540,863
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $324,418 | $324,418 | $355,418 |
| Second mortgage | — | $31,000 | — |
| First P&I | $1,524.82 | $1,524.82 | $2,460.84 |
| Second P&I | — | $315.89 | — |
| Mortgage insurance | $256.84 | $256.84 | $71.08 |
| Taxes, insurance & HOA | $657.00 | $657.00 | $657.00 |
| Total housing payment | $2,438.66 | $2,754.55 | $3,188.93 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$19,582
Closing costs & prepaids$12,783
Usable credit−$0
Total buyer cash needed$32,365
Earnest money paid−$0
Remaining funds due$32,365
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,750.00
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)$1,521.00
Prepaid interest, first (1 days)$26.49
Prepaid interest, second (1 days)$10.09
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 3 moOf the original 30-year loan at 2.980%
Interest already paid$48,735Through Nov 2026
Assumption only · ends Feb 2052$182,859
Assumption + second · ends Feb 2052, second Dec 2056$265,580
New conventional · ends Dec 2056$540,863