Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,706/mo
Lowest payment- Down payment
- $186,035
- Funds due
- $198,535
- Interest + MI left
- $342,699
- First ends
- Jul 2052
Assumption
Assumption + second
$3,667/mo
+$961/mo- Down payment
- $55,035
- Funds due
- $68,842
- Interest + MI left
- $557,742
- First ends
- Jul 2052
New loan
New conventional
$3,834/mo
+$1,128/mo- Down payment
- $55,035
- Funds due
- $65,283
- Interest + MI left
- $750,648
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $363,965 | $363,965 | $494,965 |
| Second mortgage | — | $131,000 | — |
| First P&I | $2,121.41 | $2,121.41 | $3,427.04 |
| Second P&I | — | $961.23 | — |
| Mortgage insurance | $276.76 | $276.76 | $98.99 |
| Taxes, insurance & HOA | $307.50 | $307.50 | $307.50 |
| Total housing payment | $2,705.67 | $3,666.90 | $3,833.53 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$55,035
Closing costs & prepaids$13,807
Usable credit−$0
Total buyer cash needed$68,842
Earnest money paid−$0
Remaining funds due$68,842
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,500.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$422.50
Prepaid interest, first (2 days)$101.71
Prepaid interest, second (2 days)$57.42
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 8 moOf the original 30-year loan at 5.100%
Interest already paid$83,558Through Nov 2026
Assumption only · ends Jul 2052$342,699
Assumption + second · ends Jul 2052, second Dec 2056$557,742
New conventional · ends Dec 2056$750,648