Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,497/mo
Lowest payment- Down payment
- $800,906
- Funds due
- $820,235
- Interest + MI left
- $258,164
- First ends
- May 2052
Assumption
Assumption + second
$7,405/mo
+$4,907/mo- Down payment
- $115,906
- Funds due
- $136,630
- Interest + MI left
- $1,339,836
- First ends
- May 2052
New loan
New conventional
$7,772/mo
+$5,275/mo- Down payment
- $115,906
- Funds due
- $132,448
- Interest + MI left
- $1,568,273
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $349,094 | $349,094 | $1,034,094 |
| Second mortgage | — | $685,000 | — |
| First P&I | $1,821.64 | $1,821.64 | $7,159.86 |
| Second P&I | — | $4,907.42 | — |
| Mortgage insurance | $270.27 | $270.27 | $206.82 |
| Taxes, insurance & HOA | $405.33 | $405.33 | $405.33 |
| Total housing payment | $2,497.24 | $7,404.67 | $7,772.01 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$115,906
Closing costs & prepaids$20,725
Usable credit−$0
Total buyer cash needed$136,630
Earnest money paid−$0
Remaining funds due$136,630
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$11,500.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$566.00
Prepaid interest, first (1 days)$38.26
Prepaid interest, second (1 days)$145.45
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 6 moOf the original 30-year loan at 4.000%
Interest already paid$65,901Through Nov 2026
Assumption only · ends May 2052$258,164
Assumption + second · ends May 2052, second Dec 2056$1,339,836
New conventional · ends Dec 2056$1,568,273