Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,603/mo
Lowest payment- Down payment
- $124,153
- Funds due
- $134,475
- Interest + MI left
- $116,878
- First ends
- Jan 2051
Assumption
Assumption + second
$2,319/mo
+$716/mo- Down payment
- $35,153
- Funds due
- $46,747
- Interest + MI left
- $285,679
- First ends
- Jan 2051
New loan
New conventional
$2,584/mo
+$981/mo- Down payment
- $35,153
- Funds due
- $43,370
- Interest + MI left
- $476,728
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $225,347 | $225,347 | $314,347 |
| Second mortgage | — | $89,000 | — |
| First P&I | $1,073.71 | $1,073.71 | $2,176.48 |
| Second P&I | — | $716.11 | — |
| Mortgage insurance | $184.38 | $184.38 | $62.87 |
| Taxes, insurance & HOA | $344.83 | $344.83 | $344.83 |
| Total housing payment | $1,602.93 | $2,319.04 | $2,584.18 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,153
Closing costs & prepaids$11,594
Usable credit−$0
Total buyer cash needed$46,747
Earnest money paid−$0
Remaining funds due$46,747
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,495.00
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)$398.50
Initial HOA (3 months)$186.00
Prepaid interest, first (1 days)$17.47
Prepaid interest, second (1 days)$21.95
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 2 moOf the original 30-year loan at 2.830%
Interest already paid$40,207Through Nov 2026
Assumption only · ends Jan 2051$116,878
Assumption + second · ends Jan 2051, second Dec 2056$285,679
New conventional · ends Dec 2056$476,728