Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,432/mo
Lowest payment- Down payment
- $96,182
- Funds due
- $106,027
- Interest + MI left
- $109,041
- First ends
- Aug 2051
Assumption
Assumption + second
$1,963/mo
+$531/mo- Down payment
- $30,182
- Funds due
- $41,424
- Interest + MI left
- $234,220
- First ends
- Aug 2051
New loan
New conventional
$2,172/mo
+$740/mo- Down payment
- $30,182
- Funds due
- $38,249
- Interest + MI left
- $387,155
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $198,818 | $198,818 | $264,818 |
| Second mortgage | — | $66,000 | — |
| First P&I | $947.26 | $947.26 | $1,793.97 |
| Second P&I | — | $531.05 | — |
| Mortgage insurance | $159.97 | $159.97 | $52.96 |
| Taxes, insurance & HOA | $325.00 | $325.00 | $325.00 |
| Total housing payment | $1,432.23 | $1,963.28 | $2,171.93 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,182
Closing costs & prepaids$11,242
Usable credit−$0
Total buyer cash needed$41,424
Earnest money paid−$0
Remaining funds due$41,424
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,950.00
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)$354.00
Initial HOA (3 months)$171.00
Prepaid interest, first (9 days)$145.11
Prepaid interest, second (9 days)$146.47
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 8 moOf the original 30-year loan at 2.96%
Interest already paid$33,609Through Dec 2026
Assumption only · ends Aug 2051$109,041
Assumption + second · ends Aug 2051, second Jan 2057$234,220
New conventional · ends Jan 2057$387,155