Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,407/mo
Lowest payment- Down payment
- $144,584
- Funds due
- $154,593
- Interest + MI left
- $128,303
- First ends
- Mar 2052
Assumption
Assumption + second
$2,200/mo
+$792/mo- Down payment
- $36,584
- Funds due
- $47,867
- Interest + MI left
- $305,590
- First ends
- Mar 2052
New loan
New conventional
$2,524/mo
+$1,117/mo- Down payment
- $36,584
- Funds due
- $44,475
- Interest + MI left
- $496,547
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $219,415 | $219,415 | $327,415 |
| Second mortgage | — | $108,000 | — |
| First P&I | $1,042.77 | $1,042.77 | $2,266.96 |
| Second P&I | — | $792.47 | — |
| Mortgage insurance | $172.98 | $172.98 | $65.48 |
| Taxes, insurance & HOA | $191.75 | $191.75 | $191.75 |
| Total housing payment | $1,407.50 | $2,199.96 | $2,524.19 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,584
Closing costs & prepaids$11,283
Usable credit−$0
Total buyer cash needed$47,867
Earnest money paid−$0
Remaining funds due$47,867
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,639.99
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)$125.25
Prepaid interest, first (1 days)$18.64
Prepaid interest, second (1 days)$23.67
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 4 moOf the original 30-year loan at 3.100%
Interest already paid$33,610Through Nov 2026
Assumption only · ends Mar 2052$128,303
Assumption + second · ends Mar 2052, second Dec 2056$305,590
New conventional · ends Dec 2056$496,547