Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,159/mo
Lowest payment- Down payment
- $64,527
- Funds due
- $74,669
- Interest + MI left
- $271,790
- First ends
- Aug 2052
Assumption
Assumption + second
$2,400/mo
+$241/mo- Down payment
- $34,527
- Funds due
- $45,927
- Interest + MI left
- $328,689
- First ends
- Aug 2052
New loan
New conventional
$2,504/mo
+$345/mo- Down payment
- $34,527
- Funds due
- $42,547
- Interest + MI left
- $470,853
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $280,473 | $280,473 | $310,473 |
| Second mortgage | — | $30,000 | — |
| First P&I | $1,653.79 | $1,653.79 | $2,149.65 |
| Second P&I | — | $241.39 | — |
| Mortgage insurance | $212.61 | $212.61 | $62.09 |
| Taxes, insurance & HOA | $292.33 | $292.33 | $292.33 |
| Total housing payment | $2,158.74 | $2,400.12 | $2,504.08 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,527
Closing costs & prepaids$11,400
Usable credit−$0
Total buyer cash needed$45,927
Earnest money paid−$0
Remaining funds due$45,927
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,450.00
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)$427.00
Prepaid interest, first (1 days)$40.19
Prepaid interest, second (1 days)$7.40
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 9 moOf the original 30-year loan at 5.230%
Interest already paid$64,654Through Nov 2026
Assumption only · ends Aug 2052$271,790
Assumption + second · ends Aug 2052, second Dec 2056$328,689
New conventional · ends Dec 2056$470,853