Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,391/mo
Lowest payment- Down payment
- $71,107
- Funds due
- $82,140
- Interest + MI left
- $252,798
- First ends
- Jun 2052
Assumption
Assumption + second
$2,664/mo
+$274/mo- Down payment
- $37,107
- Funds due
- $49,399
- Interest + MI left
- $317,283
- First ends
- Jun 2052
New loan
New conventional
$2,860/mo
+$469/mo- Down payment
- $37,107
- Funds due
- $45,998
- Interest + MI left
- $497,206
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $293,893 | $293,893 | $327,893 |
| Second mortgage | — | $34,000 | — |
| First P&I | $1,642.08 | $1,642.08 | $2,270.26 |
| Second P&I | — | $273.57 | — |
| Mortgage insurance | $225.05 | $225.05 | $65.58 |
| Taxes, insurance & HOA | $523.67 | $523.67 | $523.67 |
| Total housing payment | $2,390.80 | $2,664.37 | $2,859.51 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,107
Closing costs & prepaids$12,292
Usable credit−$0
Total buyer cash needed$49,399
Earnest money paid−$0
Remaining funds due$49,399
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,650.00
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)$1,121.00
Prepaid interest, first (1 days)$37.60
Prepaid interest, second (1 days)$8.38
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 4.670%
Interest already paid$63,206Through Nov 2026
Assumption only · ends Jun 2052$252,798
Assumption + second · ends Jun 2052, second Dec 2056$317,283
New conventional · ends Dec 2056$497,206