Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,439/mo
Lowest payment- Down payment
- $157,363
- Funds due
- $167,773
- Interest + MI left
- $112,893
- First ends
- May 2051
Assumption
Assumption + second
$2,327/mo
+$888/mo- Down payment
- $36,363
- Funds due
- $48,261
- Interest + MI left
- $311,521
- First ends
- May 2051
New loan
New conventional
$2,551/mo
+$1,112/mo- Down payment
- $36,363
- Funds due
- $45,029
- Interest + MI left
- $473,196
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $202,627 | $202,627 | $323,627 |
| Second mortgage | — | $121,000 | — |
| First P&I | $981.57 | $981.57 | $2,192.36 |
| Second P&I | — | $887.86 | — |
| Mortgage insurance | $163.86 | $163.86 | $64.73 |
| Taxes, insurance & HOA | $294.00 | $294.00 | $294.00 |
| Total housing payment | $1,439.43 | $2,327.29 | $2,551.09 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,363
Closing costs & prepaids$11,898
Usable credit−$0
Total buyer cash needed$48,261
Earnest money paid−$0
Remaining funds due$48,261
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,599.90
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)$432.00
Prepaid interest, first (9 days)$152.39
Prepaid interest, second (9 days)$238.68
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 5 moOf the original 30-year loan at 3.05%
Interest already paid$37,056Through Dec 2026
Assumption only · ends May 2051$112,893
Assumption + second · ends May 2051, second Jan 2057$311,521
New conventional · ends Jan 2057$473,196