Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$969/mo
Lowest payment- Down payment
- $258,511
- Funds due
- $269,119
- Interest + MI left
- $58,024
- First ends
- May 2051
Assumption
Assumption + second
$2,552/mo
+$1,583/mo- Down payment
- $37,511
- Funds due
- $49,791
- Interest + MI left
- $407,002
- First ends
- May 2051
New loan
New conventional
$2,671/mo
+$1,702/mo- Down payment
- $37,511
- Funds due
- $46,456
- Interest + MI left
- $486,154
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $111,489 | $111,489 | $332,489 |
| Second mortgage | — | $221,000 | — |
| First P&I | $526.28 | $526.28 | $2,252.40 |
| Second P&I | — | $1,583.27 | — |
| Mortgage insurance | $90.61 | $90.61 | $66.50 |
| Taxes, insurance & HOA | $352.00 | $352.00 | $352.00 |
| Total housing payment | $968.89 | $2,552.16 | $2,670.89 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,511
Closing costs & prepaids$12,281
Usable credit−$0
Total buyer cash needed$49,791
Earnest money paid−$0
Remaining funds due$49,791
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,700.00
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)$444.00
Initial HOA (3 months)$162.00
Prepaid interest, first (9 days)$77.25
Prepaid interest, second (9 days)$422.32
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 closing24 yr 5 moOf the original 30-year loan at 2.81%
Interest already paid$18,833Through Dec 2026
Assumption only · ends May 2051$58,024
Assumption + second · ends May 2051, second Jan 2057$407,002
New conventional · ends Jan 2057$486,154