Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,161/mo
Lowest payment- Down payment
- $73,518
- Funds due
- $82,535
- Interest + MI left
- $86,124
- First ends
- May 2051
Assumption
Assumption + second
$1,555/mo
+$394/mo- Down payment
- $24,518
- Funds due
- $34,894
- Interest + MI left
- $179,060
- First ends
- May 2051
New loan
New conventional
$1,741/mo
+$580/mo- Down payment
- $24,518
- Funds due
- $31,754
- Interest + MI left
- $313,565
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $165,482 | $165,482 | $214,482 |
| Second mortgage | — | $49,000 | — |
| First P&I | $781.15 | $781.15 | $1,452.98 |
| Second P&I | — | $394.27 | — |
| Mortgage insurance | $134.49 | $134.49 | $42.90 |
| Taxes, insurance & HOA | $245.58 | $245.58 | $245.58 |
| Total housing payment | $1,161.23 | $1,555.49 | $1,741.46 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$24,518
Closing costs & prepaids$10,375
Usable credit−$0
Total buyer cash needed$34,894
Earnest money paid−$0
Remaining funds due$34,894
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,390.00
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)$286.75
Prepaid interest, first (9 days)$114.66
Prepaid interest, second (9 days)$108.74
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$27,954Through Dec 2026
Assumption only · ends May 2051$86,124
Assumption + second · ends May 2051, second Jan 2057$179,060
New conventional · ends Jan 2057$313,565