Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,360/mo
Lowest payment- Down payment
- $196,648
- Funds due
- $209,068
- Interest + MI left
- $247,551
- First ends
- Jun 2052
Assumption
Assumption + second
$3,416/mo
+$1,057/mo- Down payment
- $52,648
- Funds due
- $66,349
- Interest + MI left
- $483,934
- First ends
- Jun 2052
New loan
New conventional
$3,722/mo
+$1,363/mo- Down payment
- $52,648
- Funds due
- $62,798
- Interest + MI left
- $704,874
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $320,844 | $320,844 | $464,844 |
| Second mortgage | — | $144,000 | — |
| First P&I | $1,701.50 | $1,701.50 | $3,218.49 |
| Second P&I | — | $1,056.62 | — |
| Mortgage insurance | $247.34 | $247.34 | $92.97 |
| Taxes, insurance & HOA | $410.83 | $410.83 | $410.83 |
| Total housing payment | $2,359.68 | $3,416.30 | $3,722.29 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$52,648
Closing costs & prepaids$13,701
Usable credit−$0
Total buyer cash needed$66,349
Earnest money paid−$0
Remaining funds due$66,349
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,174.92
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$732.50
Prepaid interest, first (1 days)$36.66
Prepaid interest, second (1 days)$31.56
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 4.170%
Interest already paid$61,831Through Nov 2026
Assumption only · ends Jun 2052$247,551
Assumption + second · ends Jun 2052, second Dec 2056$483,934
New conventional · ends Dec 2056$704,874