Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,203/mo
Lowest payment- Down payment
- $61,411
- Funds due
- $70,588
- Interest + MI left
- $69,501
- First ends
- Jan 2051
Assumption
Assumption + second
$1,533/mo
+$330/mo- Down payment
- $20,411
- Funds due
- $30,929
- Interest + MI left
- $147,263
- First ends
- Jan 2051
New loan
New conventional
$1,677/mo
+$475/mo- Down payment
- $20,411
- Funds due
- $27,802
- Interest + MI left
- $258,132
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $135,589 | $135,589 | $176,589 |
| Second mortgage | — | $41,000 | — |
| First P&I | $645.52 | $645.52 | $1,196.28 |
| Second P&I | — | $329.90 | — |
| Mortgage insurance | $111.28 | $111.28 | $35.32 |
| Taxes, insurance & HOA | $445.83 | $445.83 | $445.83 |
| Total housing payment | $1,202.64 | $1,532.53 | $1,677.43 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$20,411
Closing costs & prepaids$10,517
Usable credit−$0
Total buyer cash needed$30,929
Earnest money paid−$0
Remaining funds due$30,929
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,970.00
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)$236.50
Initial HOA (3 months)$651.00
Prepaid interest, first (9 days)$93.61
Prepaid interest, second (9 days)$90.99
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$24,319Through Dec 2026
Assumption only · ends Jan 2051$69,501
Assumption + second · ends Jan 2051, second Jan 2057$147,263
New conventional · ends Jan 2057$258,132