Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,838/mo
Lowest payment- Down payment
- $40,486
- Funds due
- $50,602
- Interest + MI left
- $143,886
- First ends
- Aug 2051
Assumption
Assumption + second
$2,092/mo
+$255/mo- Down payment
- $15,486
- Funds due
- $26,925
- Interest + MI left
- $210,596
- First ends
- Aug 2051
New loan
New conventional
$2,400/mo
+$562/mo- Down payment
- $15,486
- Funds due
- $23,975
- Interest + MI left
- $430,604
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $268,414 | $268,414 | $293,414 |
| Second mortgage | — | $25,000 | — |
| First P&I | $1,267.76 | $1,267.76 | $1,987.69 |
| Second P&I | — | $254.75 | — |
| Mortgage insurance | $216.30 | $216.30 | $58.68 |
| Taxes, insurance & HOA | $353.58 | $353.58 | $353.58 |
| Total housing payment | $1,837.65 | $2,092.40 | $2,399.95 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$15,486
Closing costs & prepaids$11,439
Usable credit−$0
Total buyer cash needed$26,925
Earnest money paid−$0
Remaining funds due$26,925
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,089.00
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)$370.75
Initial HOA (3 months)$240.00
Prepaid interest, first (9 days)$190.61
Prepaid interest, second (9 days)$73.20
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 2.88%
Interest already paid$44,183Through Dec 2026
Assumption only · ends Aug 2051$143,886
Assumption + second · ends Aug 2051, second Jan 2057$210,596
New conventional · ends Jan 2057$430,604