Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,550/mo
Lowest payment- Down payment
- $51,866
- Funds due
- $62,701
- Interest + MI left
- $314,358
- First ends
- Oct 2052
Assumption
Assumption + second
$2,876/mo
+$326/mo- Down payment
- $19,866
- Funds due
- $31,972
- Interest + MI left
- $399,747
- First ends
- Oct 2052
New loan
New conventional
$2,991/mo
+$440/mo- Down payment
- $19,866
- Funds due
- $28,760
- Interest + MI left
- $562,497
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $337,634 | $337,634 | $369,634 |
| Second mortgage | — | $32,000 | — |
| First P&I | $1,936.86 | $1,936.86 | $2,559.27 |
| Second P&I | — | $326.08 | — |
| Mortgage insurance | $255.86 | $255.86 | $73.93 |
| Taxes, insurance & HOA | $357.67 | $357.67 | $357.67 |
| Total housing payment | $2,550.38 | $2,876.46 | $2,990.86 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$19,866
Closing costs & prepaids$12,106
Usable credit−$0
Total buyer cash needed$31,972
Earnest money paid−$0
Remaining funds due$31,972
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,895.00
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)$488.00
Initial HOA (3 months)$135.00
Prepaid interest, first (2 days)$92.32
Prepaid interest, second (2 days)$20.82
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 11 moOf the original 30-year loan at 4.990%
Interest already paid$71,328Through Nov 2026
Assumption only · ends Oct 2052$314,358
Assumption + second · ends Oct 2052, second Dec 2056$399,747
New conventional · ends Dec 2056$562,497