Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,480/mo
Lowest payment- Down payment
- $170,714
- Funds due
- $181,504
- Interest + MI left
- $96,710
- First ends
- Mar 2051
Assumption
Assumption + second
$2,463/mo
+$983/mo- Down payment
- $36,714
- Funds due
- $49,018
- Interest + MI left
- $316,678
- First ends
- Mar 2051
New loan
New conventional
$2,702/mo
+$1,222/mo- Down payment
- $36,714
- Funds due
- $45,789
- Interest + MI left
- $480,008
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $194,286 | $194,286 | $328,286 |
| Second mortgage | — | $134,000 | — |
| First P&I | $908.66 | $908.66 | $2,223.92 |
| Second P&I | — | $983.24 | — |
| Mortgage insurance | $159.10 | $159.10 | $65.66 |
| Taxes, insurance & HOA | $412.00 | $412.00 | $412.00 |
| Total housing payment | $1,479.76 | $2,463.00 | $2,701.58 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,714
Closing costs & prepaids$12,304
Usable credit−$0
Total buyer cash needed$49,018
Earnest money paid−$0
Remaining funds due$49,018
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,650.00
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)$438.00
Initial HOA (3 months)$348.00
Prepaid interest, first (9 days)$128.39
Prepaid interest, second (9 days)$264.33
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 3 moOf the original 30-year loan at 2.68%
Interest already paid$32,370Through Dec 2026
Assumption only · ends Mar 2051$96,710
Assumption + second · ends Mar 2051, second Jan 2057$316,678
New conventional · ends Jan 2057$480,008