Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,346/mo
Lowest payment- Down payment
- $236,318
- Funds due
- $247,445
- Interest + MI left
- $95,948
- First ends
- Jun 2051
Assumption
Assumption + second
$2,784/mo
+$1,438/mo- Down payment
- $40,318
- Funds due
- $53,082
- Interest + MI left
- $417,692
- First ends
- Jun 2051
New loan
New conventional
$2,923/mo
+$1,577/mo- Down payment
- $40,318
- Funds due
- $49,753
- Interest + MI left
- $528,839
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $165,682 | $165,682 | $361,682 |
| Second mortgage | — | $196,000 | — |
| First P&I | $812.00 | $812.00 | $2,450.16 |
| Second P&I | — | $1,438.18 | — |
| Mortgage insurance | $133.33 | $133.33 | $72.34 |
| Taxes, insurance & HOA | $400.83 | $400.83 | $400.83 |
| Total housing payment | $1,346.17 | $2,784.35 | $2,923.33 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,318
Closing costs & prepaids$12,764
Usable credit−$0
Total buyer cash needed$53,082
Earnest money paid−$0
Remaining funds due$53,082
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,020.00
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)$482.50
Initial HOA (3 months)$270.00
Prepaid interest, first (9 days)$129.91
Prepaid interest, second (9 days)$386.63
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 3.18%
Interest already paid$31,037Through Dec 2026
Assumption only · ends Jun 2051$95,948
Assumption + second · ends Jun 2051, second Jan 2057$417,692
New conventional · ends Jan 2057$528,839