Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,360/mo
Lowest payment- Down payment
- $72,379
- Funds due
- $81,739
- Interest + MI left
- $117,757
- First ends
- Jun 2052
Assumption
Assumption + second
$1,755/mo
+$394/mo- Down payment
- $23,379
- Funds due
- $34,013
- Interest + MI left
- $210,692
- First ends
- Jun 2052
New loan
New conventional
$1,870/mo
+$509/mo- Down payment
- $23,379
- Funds due
- $30,752
- Interest + MI left
- $305,691
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $152,621 | $152,621 | $201,621 |
| Second mortgage | — | $49,000 | — |
| First P&I | $809.38 | $809.38 | $1,395.98 |
| Second P&I | — | $394.27 | — |
| Mortgage insurance | $117.66 | $117.66 | $40.32 |
| Taxes, insurance & HOA | $433.42 | $433.42 | $433.42 |
| Total housing payment | $1,360.46 | $1,754.72 | $1,869.72 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$23,379
Closing costs & prepaids$10,634
Usable credit−$0
Total buyer cash needed$34,013
Earnest money paid−$0
Remaining funds due$34,013
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,250.00
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)$850.25
Prepaid interest, first (2 days)$34.87
Prepaid interest, second (2 days)$24.16
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 7 moOf the original 30-year loan at 4.170%
Interest already paid$29,412Through Nov 2026
Assumption only · ends Jun 2052$117,757
Assumption + second · ends Jun 2052, second Dec 2056$210,692
New conventional · ends Dec 2056$305,691