Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,976/mo
Lowest payment- Down payment
- $102,311
- Funds due
- $113,343
- Interest + MI left
- $149,206
- First ends
- May 2051
Assumption
Assumption + second
$2,483/mo
+$507/mo- Down payment
- $39,311
- Funds due
- $51,733
- Interest + MI left
- $268,695
- First ends
- May 2051
New loan
New conventional
$2,828/mo
+$853/mo- Down payment
- $39,311
- Funds due
- $48,571
- Interest + MI left
- $511,303
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $286,689 | $286,689 | $349,689 |
| Second mortgage | — | $63,000 | — |
| First P&I | $1,353.31 | $1,353.31 | $2,368.92 |
| Second P&I | — | $506.91 | — |
| Mortgage insurance | $232.99 | $232.99 | $69.94 |
| Taxes, insurance & HOA | $389.58 | $389.58 | $389.58 |
| Total housing payment | $1,975.89 | $2,482.80 | $2,828.44 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,311
Closing costs & prepaids$12,422
Usable credit−$0
Total buyer cash needed$51,733
Earnest money paid−$0
Remaining funds due$51,733
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,890.00
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)$466.75
Initial HOA (3 months)$252.00
Prepaid interest, first (9 days)$198.64
Prepaid interest, second (9 days)$139.81
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 2.81%
Interest already paid$48,429Through Dec 2026
Assumption only · ends May 2051$149,206
Assumption + second · ends May 2051, second Jan 2057$268,695
New conventional · ends Jan 2057$511,303