Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,638/mo
Lowest payment- Down payment
- $116,604
- Funds due
- $126,371
- Interest + MI left
- $207,424
- First ends
- Sep 2052
Assumption
Assumption + second
$2,306/mo
+$668/mo- Down payment
- $33,604
- Funds due
- $44,642
- Interest + MI left
- $364,846
- First ends
- Sep 2052
New loan
New conventional
$2,332/mo
+$694/mo- Down payment
- $33,604
- Funds due
- $41,265
- Interest + MI left
- $449,294
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $213,296 | $213,296 | $296,296 |
| Second mortgage | — | $83,000 | — |
| First P&I | $1,255.76 | $1,255.76 | $2,051.49 |
| Second P&I | — | $667.84 | — |
| Mortgage insurance | $161.44 | $161.44 | $59.26 |
| Taxes, insurance & HOA | $220.83 | $220.83 | $220.83 |
| Total housing payment | $1,638.04 | $2,305.87 | $2,331.59 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,604
Closing costs & prepaids$11,038
Usable credit−$0
Total buyer cash needed$44,642
Earnest money paid−$0
Remaining funds due$44,642
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,299.00
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)$212.50
Prepaid interest, first (1 days)$30.56
Prepaid interest, second (1 days)$20.47
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 10 moOf the original 30-year loan at 5.230%
Interest already paid$48,164Through Nov 2026
Assumption only · ends Sep 2052$207,424
Assumption + second · ends Sep 2052, second Dec 2056$364,846
New conventional · ends Dec 2056$449,294