Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,473/mo
Lowest payment- Down payment
- $188,627
- Funds due
- $199,591
- Interest + MI left
- $95,260
- First ends
- Mar 2051
Assumption
Assumption + second
$2,573/mo
+$1,101/mo- Down payment
- $38,627
- Funds due
- $51,137
- Interest + MI left
- $341,493
- First ends
- Mar 2051
New loan
New conventional
$2,802/mo
+$1,329/mo- Down payment
- $38,627
- Funds due
- $47,883
- Interest + MI left
- $499,076
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $191,373 | $191,373 | $341,373 |
| Second mortgage | — | $150,000 | — |
| First P&I | $895.04 | $895.04 | $2,312.58 |
| Second P&I | — | $1,100.65 | — |
| Mortgage insurance | $156.72 | $156.72 | $68.27 |
| Taxes, insurance & HOA | $421.00 | $421.00 | $421.00 |
| Total housing payment | $1,472.75 | $2,573.40 | $2,801.85 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,627
Closing costs & prepaids$12,510
Usable credit−$0
Total buyer cash needed$51,137
Earnest money paid−$0
Remaining funds due$51,137
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,800.00
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)$456.00
Initial HOA (3 months)$357.00
Prepaid interest, first (9 days)$126.46
Prepaid interest, second (9 days)$295.89
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 3 moOf the original 30-year loan at 2.68%
Interest already paid$31,885Through Dec 2026
Assumption only · ends Mar 2051$95,260
Assumption + second · ends Mar 2051, second Jan 2057$341,493
New conventional · ends Jan 2057$499,076