Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,502/mo
Lowest payment- Down payment
- $91,309
- Funds due
- $103,159
- Interest + MI left
- $252,234
- First ends
- May 2052
Assumption
Assumption + second
$2,864/mo
+$362/mo- Down payment
- $46,309
- Funds due
- $59,475
- Interest + MI left
- $337,583
- First ends
- May 2052
New loan
New conventional
$3,235/mo
+$733/mo- Down payment
- $46,309
- Funds due
- $56,160
- Interest + MI left
- $604,738
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $368,591 | $368,591 | $413,591 |
| Second mortgage | — | $45,000 | — |
| First P&I | $1,864.24 | $1,864.24 | $2,801.81 |
| Second P&I | — | $362.08 | — |
| Mortgage insurance | $287.24 | $287.24 | $82.72 |
| Taxes, insurance & HOA | $350.67 | $350.67 | $350.67 |
| Total housing payment | $2,502.15 | $2,864.23 | $3,235.19 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$46,309
Closing costs & prepaids$13,166
Usable credit−$0
Total buyer cash needed$59,475
Earnest money paid−$0
Remaining funds due$59,475
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,599.00
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)$552.00
Prepaid interest, first (6 days)$223.58
Prepaid interest, second (6 days)$66.58
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 5 moOf the original 30-year loan at 3.69%
Interest already paid$65,605Through Dec 2026
Assumption only · ends May 2052$252,234
Assumption + second · ends May 2052, second Jan 2057$337,583
New conventional · ends Jan 2057$604,738