Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,676/mo
Lowest payment- Down payment
- $82,617
- Funds due
- $92,973
- Interest + MI left
- $110,494
- First ends
- Apr 2051
Assumption
Assumption + second
$2,095/mo
+$418/mo- Down payment
- $30,617
- Funds due
- $42,338
- Interest + MI left
- $209,119
- First ends
- Apr 2051
New loan
New conventional
$2,357/mo
+$681/mo- Down payment
- $30,617
- Funds due
- $39,197
- Interest + MI left
- $393,827
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $217,382 | $217,382 | $269,382 |
| Second mortgage | — | $52,000 | — |
| First P&I | $1,020.83 | $1,020.83 | $1,824.89 |
| Second P&I | — | $418.40 | — |
| Mortgage insurance | $177.35 | $177.35 | $53.88 |
| Taxes, insurance & HOA | $478.00 | $478.00 | $478.00 |
| Total housing payment | $1,676.19 | $2,094.59 | $2,356.76 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,617
Closing costs & prepaids$11,721
Usable credit−$0
Total buyer cash needed$42,338
Earnest money paid−$0
Remaining funds due$42,338
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,999.99
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)$360.00
Initial HOA (3 months)$624.00
Prepaid interest, first (9 days)$146.87
Prepaid interest, second (9 days)$115.40
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 4 moOf the original 30-year loan at 2.74%
Interest already paid$36,418Through Dec 2026
Assumption only · ends Apr 2051$110,494
Assumption + second · ends Apr 2051, second Jan 2057$209,119
New conventional · ends Jan 2057$393,827