Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,736/mo
Lowest payment- Down payment
- $48,647
- Funds due
- $58,162
- Interest + MI left
- $208,607
- First ends
- Nov 2052
Assumption
Assumption + second
$2,103/mo
+$367/mo- Down payment
- $12,647
- Funds due
- $23,470
- Interest + MI left
- $304,669
- First ends
- Nov 2052
New loan
New conventional
$2,017/mo
+$281/mo- Down payment
- $12,647
- Funds due
- $20,315
- Interest + MI left
- $348,184
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $201,253 | $201,253 | $237,253 |
| Second mortgage | — | $36,000 | — |
| First P&I | $1,221.68 | $1,221.68 | $1,607.23 |
| Second P&I | — | $366.84 | — |
| Mortgage insurance | $151.57 | $151.57 | $47.45 |
| Taxes, insurance & HOA | $362.42 | $362.42 | $362.42 |
| Total housing payment | $1,735.66 | $2,102.50 | $2,017.10 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$12,647
Closing costs & prepaids$10,823
Usable credit−$0
Total buyer cash needed$23,470
Earnest money paid−$0
Remaining funds due$23,470
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,499.00
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)$637.25
Prepaid interest, first (5 days)$153.01
Prepaid interest, second (5 days)$58.56
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 5 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 11 moOf the original 30-year loan at 5.55%
Interest already paid$47,135Through Dec 2026
Assumption only · ends Nov 2052$208,607
Assumption + second · ends Nov 2052, second Jan 2057$304,669
New conventional · ends Jan 2057$348,184