Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,489/mo
Lowest payment- Down payment
- $43,745
- Funds due
- $54,349
- Interest + MI left
- $328,798
- First ends
- Sep 2052
Assumption
Assumption + second
$2,743/mo
+$255/mo- Down payment
- $18,745
- Funds due
- $30,648
- Interest + MI left
- $395,508
- First ends
- Sep 2052
New loan
New conventional
$2,711/mo
+$222/mo- Down payment
- $18,745
- Funds due
- $27,479
- Interest + MI left
- $508,083
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $321,255 | $321,255 | $346,255 |
| Second mortgage | — | $25,000 | — |
| First P&I | $1,949.99 | $1,949.99 | $2,345.65 |
| Second P&I | — | $254.75 | — |
| Mortgage insurance | $242.73 | $242.73 | $69.25 |
| Taxes, insurance & HOA | $296.00 | $296.00 | $296.00 |
| Total housing payment | $2,488.72 | $2,743.47 | $2,710.90 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$18,745
Closing costs & prepaids$11,903
Usable credit−$0
Total buyer cash needed$30,648
Earnest money paid−$0
Remaining funds due$30,648
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,650.00
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)$438.00
Prepaid interest, first (6 days)$291.51
Prepaid interest, second (6 days)$48.80
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 9 moOf the original 30-year loan at 5.52%
Interest already paid$78,027Through Dec 2026
Assumption only · ends Sep 2052$328,798
Assumption + second · ends Sep 2052, second Jan 2057$395,508
New conventional · ends Jan 2057$508,083