Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,095/mo
Lowest payment- Down payment
- $82,463
- Funds due
- $91,426
- Interest + MI left
- $78,188
- First ends
- Jan 2051
Assumption
Assumption + second
$1,562/mo
+$467/mo- Down payment
- $24,463
- Funds due
- $34,805
- Interest + MI left
- $188,193
- First ends
- Jan 2051
New loan
New conventional
$1,712/mo
+$617/mo- Down payment
- $24,463
- Funds due
- $31,648
- Interest + MI left
- $307,756
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $152,537 | $152,537 | $210,537 |
| Second mortgage | — | $58,000 | — |
| First P&I | $726.21 | $726.21 | $1,426.25 |
| Second P&I | — | $466.68 | — |
| Mortgage insurance | $125.19 | $125.19 | $42.11 |
| Taxes, insurance & HOA | $244.00 | $244.00 | $244.00 |
| Total housing payment | $1,095.40 | $1,562.08 | $1,712.36 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$24,463
Closing costs & prepaids$10,341
Usable credit−$0
Total buyer cash needed$34,805
Earnest money paid−$0
Remaining funds due$34,805
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,350.00
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)$282.00
Prepaid interest, first (9 days)$105.31
Prepaid interest, second (9 days)$128.71
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 1 moOf the original 30-year loan at 2.8%
Interest already paid$27,358Through Dec 2026
Assumption only · ends Jan 2051$78,188
Assumption + second · ends Jan 2051, second Jan 2057$188,193
New conventional · ends Jan 2057$307,756