Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,769/mo
Lowest payment- Down payment
- $801,564
- Funds due
- $822,012
- Interest + MI left
- $256,821
- First ends
- May 2052
Assumption
Assumption + second
$7,683/mo
+$4,915/mo- Down payment
- $115,564
- Funds due
- $138,573
- Interest + MI left
- $1,340,073
- First ends
- May 2052
New loan
New conventional
$7,891/mo
+$5,123/mo- Down payment
- $115,564
- Funds due
- $134,545
- Interest + MI left
- $1,512,517
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $348,436 | $348,436 | $1,034,436 |
| Second mortgage | — | $686,000 | — |
| First P&I | $1,821.64 | $1,821.64 | $7,007.63 |
| Second P&I | — | $4,914.59 | — |
| Mortgage insurance | $270.27 | $270.27 | $206.89 |
| Taxes, insurance & HOA | $676.67 | $676.67 | $676.67 |
| Total housing payment | $2,768.58 | $7,683.16 | $7,891.18 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$115,564
Closing costs & prepaids$23,010
Usable credit−$0
Total buyer cash needed$138,573
Earnest money paid−$0
Remaining funds due$138,573
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$11,500.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$1,380.00
Prepaid interest, first (9 days)$343.66
Prepaid interest, second (9 days)$1,310.92
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 4%
Interest already paid$67,064Through Dec 2026
Assumption only · ends May 2052$256,821
Assumption + second · ends May 2052, second Jan 2057$1,340,073
New conventional · ends Jan 2057$1,512,517