Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,783/mo
Lowest payment- Down payment
- $91,483
- Funds due
- $102,159
- Interest + MI left
- $127,564
- First ends
- Nov 2051
Assumption
Assumption + second
$2,250/mo
+$467/mo- Down payment
- $33,483
- Funds due
- $45,537
- Interest + MI left
- $237,569
- First ends
- Nov 2051
New loan
New conventional
$2,546/mo
+$763/mo- Down payment
- $33,483
- Funds due
- $42,382
- Interest + MI left
- $433,555
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $238,516 | $238,516 | $296,516 |
| Second mortgage | — | $58,000 | — |
| First P&I | $1,113.88 | $1,113.88 | $2,008.70 |
| Second P&I | — | $466.68 | — |
| Mortgage insurance | $191.03 | $191.03 | $59.30 |
| Taxes, insurance & HOA | $478.00 | $478.00 | $478.00 |
| Total housing payment | $1,782.91 | $2,249.59 | $2,546.01 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,483
Closing costs & prepaids$12,055
Usable credit−$0
Total buyer cash needed$45,537
Earnest money paid−$0
Remaining funds due$45,537
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,299.99
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)$396.00
Initial HOA (3 months)$588.00
Prepaid interest, first (9 days)$167.03
Prepaid interest, second (9 days)$128.71
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 11 moOf the original 30-year loan at 2.84%
Interest already paid$36,775Through Dec 2026
Assumption only · ends Nov 2051$127,564
Assumption + second · ends Nov 2051, second Jan 2057$237,569
New conventional · ends Jan 2057$433,555