Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,779/mo
Lowest payment- Down payment
- $48,442
- Funds due
- $58,624
- Interest + MI left
- $140,227
- First ends
- Jun 2052
Assumption
Assumption + second
$2,146/mo
+$367/mo- Down payment
- $12,442
- Funds due
- $23,932
- Interest + MI left
- $236,289
- First ends
- Jun 2052
New loan
New conventional
$2,239/mo
+$460/mo- Down payment
- $12,442
- Funds due
- $20,825
- Interest + MI left
- $341,147
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $196,458 | $196,458 | $232,458 |
| Second mortgage | — | $36,000 | — |
| First P&I | $1,008.88 | $1,008.88 | $1,574.75 |
| Second P&I | — | $366.84 | — |
| Mortgage insurance | $152.43 | $152.43 | $46.49 |
| Taxes, insurance & HOA | $618.17 | $618.17 | $618.17 |
| Total housing payment | $1,779.48 | $2,146.32 | $2,239.41 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$12,442
Closing costs & prepaids$11,491
Usable credit−$0
Total buyer cash needed$23,932
Earnest money paid−$0
Remaining funds due$23,932
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,449.00
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)$624.50
Initial HOA (3 months)$780.00
Prepaid interest, first (5 days)$103.61
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 6 moOf the original 30-year loan at 3.85%
Interest already paid$35,737Through Dec 2026
Assumption only · ends Jun 2052$140,227
Assumption + second · ends Jun 2052, second Jan 2057$236,289
New conventional · ends Jan 2057$341,147