Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,961/mo
Lowest payment- Down payment
- $73,508
- Funds due
- $84,064
- Interest + MI left
- $172,951
- First ends
- Mar 2052
Assumption
Assumption + second
$2,274/mo
+$314/mo- Down payment
- $34,508
- Funds due
- $46,353
- Interest + MI left
- $246,920
- First ends
- Mar 2052
New loan
New conventional
$2,531/mo
+$571/mo- Down payment
- $34,508
- Funds due
- $43,052
- Interest + MI left
- $436,918
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $263,419 | $263,419 | $302,419 |
| Second mortgage | — | $39,000 | — |
| First P&I | $1,317.66 | $1,317.66 | $2,034.39 |
| Second P&I | — | $313.80 | — |
| Mortgage insurance | $206.56 | $206.56 | $60.48 |
| Taxes, insurance & HOA | $436.42 | $436.42 | $436.42 |
| Total housing payment | $1,960.64 | $2,274.44 | $2,531.29 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,508
Closing costs & prepaids$11,844
Usable credit−$0
Total buyer cash needed$46,353
Earnest money paid−$0
Remaining funds due$46,353
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,369.27
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)$859.25
Prepaid interest, first (4 days)$102.48
Prepaid interest, second (4 days)$38.47
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 4 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 3 moOf the original 30-year loan at 3.55%
Interest already paid$46,905Through Dec 2026
Assumption only · ends Mar 2052$172,951
Assumption + second · ends Mar 2052, second Jan 2057$246,920
New conventional · ends Jan 2057$436,918