Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$278/mo
Lowest payment- Down payment
- $227,830
- Funds due
- $236,605
- Interest + MI left
- $10,037
- First ends
- Feb 2052
Assumption
Assumption + second
$1,733/mo
+$1,454/mo- Down payment
- $24,830
- Funds due
- $34,898
- Interest + MI left
- $330,591
- First ends
- Feb 2052
New loan
New conventional
$1,751/mo
+$1,473/mo- Down payment
- $24,830
- Funds due
- $31,600
- Interest + MI left
- $333,859
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $17,170 | $17,170 | $220,170 |
| Second mortgage | — | $203,000 | — |
| First P&I | $81.87 | $81.87 | $1,524.41 |
| Second P&I | — | $1,454.32 | — |
| Mortgage insurance | $13.56 | $13.56 | $44.03 |
| Taxes, insurance & HOA | $182.92 | $182.92 | $182.92 |
| Total housing payment | $278.35 | $1,732.67 | $1,751.36 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$24,830
Closing costs & prepaids$10,068
Usable credit−$0
Total buyer cash needed$34,898
Earnest money paid−$0
Remaining funds due$34,898
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,450.00
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)$98.75
Prepaid interest, first (1 days)$1.46
Prepaid interest, second (1 days)$43.10
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 3 moOf the original 30-year loan at 3.110%
Interest already paid$2,689Through Nov 2026
Assumption only · ends Feb 2052$10,037
Assumption + second · ends Feb 2052, second Dec 2056$330,591
New conventional · ends Dec 2056$333,859