Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,855/mo
Lowest payment- Down payment
- $136,656
- Funds due
- $148,110
- Interest + MI left
- $111,376
- First ends
- Jun 2051
Assumption
Assumption + second
$2,596/mo
+$741/mo- Down payment
- $35,656
- Funds due
- $48,559
- Interest + MI left
- $277,173
- First ends
- Jun 2051
New loan
New conventional
$2,869/mo
+$1,015/mo- Down payment
- $35,656
- Funds due
- $45,362
- Interest + MI left
- $459,560
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $213,344 | $213,344 | $314,344 |
| Second mortgage | — | $101,000 | — |
| First P&I | $1,004.70 | $1,004.70 | $2,129.48 |
| Second P&I | — | $741.10 | — |
| Mortgage insurance | $172.98 | $172.98 | $62.87 |
| Taxes, insurance & HOA | $677.00 | $677.00 | $677.00 |
| Total housing payment | $1,854.68 | $2,595.78 | $2,869.34 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,656
Closing costs & prepaids$12,903
Usable credit−$0
Total buyer cash needed$48,559
Earnest money paid−$0
Remaining funds due$48,559
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,500.00
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)$420.00
Initial HOA (3 months)$1,161.00
Prepaid interest, first (9 days)$147.82
Prepaid interest, second (9 days)$199.23
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 6 moOf the original 30-year loan at 2.81%
Interest already paid$35,454Through Dec 2026
Assumption only · ends Jun 2051$111,376
Assumption + second · ends Jun 2051, second Jan 2057$277,173
New conventional · ends Jan 2057$459,560