Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,802/mo
Lowest payment- Down payment
- $237,742
- Funds due
- $251,592
- Interest + MI left
- $321,948
- First ends
- Aug 2052
Assumption
Assumption + second
$4,116/mo
+$1,313/mo- Down payment
- $58,742
- Funds due
- $74,196
- Interest + MI left
- $615,786
- First ends
- Aug 2052
New loan
New conventional
$4,180/mo
+$1,378/mo- Down payment
- $58,742
- Funds due
- $70,696
- Interest + MI left
- $760,703
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $341,258 | $341,258 | $520,258 |
| Second mortgage | — | $179,000 | — |
| First P&I | $1,991.08 | $1,991.08 | $3,524.41 |
| Second P&I | — | $1,313.44 | — |
| Mortgage insurance | $259.46 | $259.46 | $104.05 |
| Taxes, insurance & HOA | $551.75 | $551.75 | $551.75 |
| Total housing payment | $2,802.29 | $4,115.73 | $4,180.21 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$58,742
Closing costs & prepaids$15,453
Usable credit−$0
Total buyer cash needed$74,196
Earnest money paid−$0
Remaining funds due$74,196
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,790.00
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)$694.75
Initial HOA (3 months)$460.50
Prepaid interest, first (9 days)$429.98
Prepaid interest, second (9 days)$353.10
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 8 moOf the original 30-year loan at 5.11%
Interest already paid$78,494Through Dec 2026
Assumption only · ends Aug 2052$321,948
Assumption + second · ends Aug 2052, second Jan 2057$615,786
New conventional · ends Jan 2057$760,703