Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,704/mo
Lowest payment- Down payment
- $350,996
- Funds due
- $364,339
- Interest + MI left
- $107,365
- First ends
- Feb 2051
Assumption
Assumption + second
$3,817/mo
+$2,113/mo- Down payment
- $55,996
- Funds due
- $71,153
- Interest + MI left
- $573,194
- First ends
- Feb 2051
New loan
New conventional
$4,049/mo
+$2,345/mo- Down payment
- $55,996
- Funds due
- $67,723
- Interest + MI left
- $734,013
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $207,004 | $207,004 | $502,004 |
| Second mortgage | — | $295,000 | — |
| First P&I | $986.32 | $986.32 | $3,400.75 |
| Second P&I | — | $2,113.42 | — |
| Mortgage insurance | $169.37 | $169.37 | $100.40 |
| Taxes, insurance & HOA | $547.83 | $547.83 | $547.83 |
| Total housing payment | $1,703.52 | $3,816.94 | $4,048.98 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$55,996
Closing costs & prepaids$15,157
Usable credit−$0
Total buyer cash needed$71,153
Earnest money paid−$0
Remaining funds due$71,153
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,580.00
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)$669.50
Initial HOA (3 months)$474.00
Prepaid interest, first (9 days)$144.45
Prepaid interest, second (9 days)$563.73
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 2 moOf the original 30-year loan at 2.83%
Interest already paid$36,934Through Dec 2026
Assumption only · ends Feb 2051$107,365
Assumption + second · ends Feb 2051, second Jan 2057$573,194
New conventional · ends Jan 2057$734,013