Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$5,278/mo
+$2,731/mo- Down payment
- $216,931
- Funds due
- $227,336
- Interest + MI left
- $15,254
- First ends
- Aug 2029
Assumption
Assumption + second
$6,599/mo
+$4,051/mo- Down payment
- $36,931
- Funds due
- $48,823
- Interest + MI left
- $310,734
- First ends
- Aug 2029
New loan
New conventional
$2,547/mo
Lowest payment- Down payment
- $36,931
- Funds due
- $45,400
- Interest + MI left
- $472,316
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $143,069 | $143,069 | $323,069 |
| Second mortgage | — | $180,000 | — |
| First P&I | $4,869.32 | $4,869.32 | $2,188.58 |
| Second P&I | — | $1,320.78 | — |
| Mortgage insurance | $114.58 | $114.58 | $64.61 |
| Taxes, insurance & HOA | $294.00 | $294.00 | $294.00 |
| Total housing payment | $5,277.90 | $6,598.68 | $2,547.20 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,931
Closing costs & prepaids$11,892
Usable credit−$0
Total buyer cash needed$48,823
Earnest money paid−$0
Remaining funds due$48,823
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,600.00
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)$432.00
Prepaid interest, first (6 days)$148.40
Prepaid interest, second (6 days)$236.71
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 closing2 yr 8 moOf the original 5-year loan at 6.31%
Interest already paid$29,410Through Dec 2026
Assumption only · ends Aug 2029$15,254
Assumption + second · ends Aug 2029, second Jan 2057$310,734
New conventional · ends Jan 2057$472,316