Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,924/mo
Lowest payment- Down payment
- $134,853
- Funds due
- $145,922
- Interest + MI left
- $152,728
- First ends
- Jun 2051
Assumption
Assumption + second
$2,680/mo
+$756/mo- Down payment
- $40,853
- Funds due
- $53,218
- Interest + MI left
- $331,012
- First ends
- Jun 2051
New loan
New conventional
$2,994/mo
+$1,070/mo- Down payment
- $40,853
- Funds due
- $49,816
- Interest + MI left
- $552,253
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $270,147 | $270,147 | $364,147 |
| Second mortgage | — | $94,000 | — |
| First P&I | $1,306.90 | $1,306.90 | $2,521.28 |
| Second P&I | — | $756.35 | — |
| Mortgage insurance | $217.34 | $217.34 | $72.83 |
| Taxes, insurance & HOA | $399.50 | $399.50 | $399.50 |
| Total housing payment | $1,923.74 | $2,680.09 | $2,993.61 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,853
Closing costs & prepaids$12,365
Usable credit−$0
Total buyer cash needed$53,218
Earnest money paid−$0
Remaining funds due$53,218
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,050.00
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)$548.50
Initial HOA (3 months)$200.01
Prepaid interest, first (2 days)$45.59
Prepaid interest, second (2 days)$46.36
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 7 moOf the original 30-year loan at 3.080%
Interest already paid$48,262Through Nov 2026
Assumption only · ends Jun 2051$152,728
Assumption + second · ends Jun 2051, second Dec 2056$331,012
New conventional · ends Dec 2056$552,253