Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,512/mo
Lowest payment- Down payment
- $175,609
- Funds due
- $186,486
- Interest + MI left
- $104,157
- First ends
- May 2051
Assumption
Assumption + second
$2,517/mo
+$1,005/mo- Down payment
- $38,609
- Funds due
- $51,007
- Interest + MI left
- $329,049
- First ends
- May 2051
New loan
New conventional
$2,769/mo
+$1,257/mo- Down payment
- $38,609
- Funds due
- $47,766
- Interest + MI left
- $498,956
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $204,291 | $204,291 | $341,291 |
| Second mortgage | — | $137,000 | — |
| First P&I | $957.05 | $957.05 | $2,312.02 |
| Second P&I | — | $1,005.26 | — |
| Mortgage insurance | $166.27 | $166.27 | $68.26 |
| Taxes, insurance & HOA | $388.33 | $388.33 | $388.33 |
| Total housing payment | $1,511.65 | $2,516.91 | $2,768.61 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,609
Closing costs & prepaids$12,397
Usable credit−$0
Total buyer cash needed$51,007
Earnest money paid−$0
Remaining funds due$51,007
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,799.00
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)$258.99
Prepaid interest, first (9 days)$138.02
Prepaid interest, second (9 days)$270.25
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 2.74%
Interest already paid$33,676Through Dec 2026
Assumption only · ends May 2051$104,157
Assumption + second · ends May 2051, second Jan 2057$329,049
New conventional · ends Jan 2057$498,956