Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,299/mo
Lowest payment- Down payment
- $59,638
- Funds due
- $69,404
- Interest + MI left
- $300,504
- First ends
- Mar 2050
Assumption
Assumption + second
$2,508/mo
+$209/mo- Down payment
- $33,638
- Funds due
- $44,661
- Interest + MI left
- $349,817
- First ends
- Mar 2050
New loan
New conventional
$2,343/mo
+$45/mo- Down payment
- $33,638
- Funds due
- $41,277
- Interest + MI left
- $457,036
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $275,362 | $275,362 | $301,362 |
| Second mortgage | — | $26,000 | — |
| First P&I | $1,972.60 | $1,972.60 | $2,086.57 |
| Second P&I | — | $209.20 | — |
| Mortgage insurance | $129.67 | $129.67 | $60.27 |
| Taxes, insurance & HOA | $196.50 | $196.50 | $196.50 |
| Total housing payment | $2,298.77 | $2,507.97 | $2,343.34 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,638
Closing costs & prepaids$11,023
Usable credit−$0
Total buyer cash needed$44,661
Earnest money paid−$0
Remaining funds due$44,661
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,350.00
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)$139.50
Prepaid interest, first (1 days)$51.68
Prepaid interest, second (1 days)$6.41
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 closing23 yr 4 moOf the original 25-year loan at 6.850%
Interest already paid$31,898Through Nov 2026
Assumption only · ends Mar 2050$300,504
Assumption + second · ends Mar 2050, second Dec 2056$349,817
New conventional · ends Dec 2056$457,036