Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,777/mo
Lowest payment- Down payment
- $136,529
- Funds due
- $147,240
- Interest + MI left
- $139,204
- First ends
- Jul 2050
Assumption
Assumption + second
$2,557/mo
+$780/mo- Down payment
- $39,529
- Funds due
- $51,634
- Interest + MI left
- $323,178
- First ends
- Jul 2050
New loan
New conventional
$2,743/mo
+$966/mo- Down payment
- $39,529
- Funds due
- $48,328
- Interest + MI left
- $510,915
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $252,471 | $252,471 | $349,471 |
| Second mortgage | — | $97,000 | — |
| First P&I | $1,262.65 | $1,262.65 | $2,367.44 |
| Second P&I | — | $780.48 | — |
| Mortgage insurance | $208.65 | $208.65 | $69.89 |
| Taxes, insurance & HOA | $305.58 | $305.58 | $305.58 |
| Total housing payment | $1,776.88 | $2,557.36 | $2,742.92 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,529
Closing costs & prepaids$12,105
Usable credit−$0
Total buyer cash needed$51,634
Earnest money paid−$0
Remaining funds due$51,634
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,890.00
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)$466.75
Prepaid interest, first (6 days)$129.90
Prepaid interest, second (6 days)$143.51
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 closing23 yr 7 moOf the original 30-year loan at 3.13%
Interest already paid$55,130Through Dec 2026
Assumption only · ends Jul 2050$139,204
Assumption + second · ends Jul 2050, second Jan 2057$323,178
New conventional · ends Jan 2057$510,915