Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,383/mo
Lowest payment- Down payment
- $166,290
- Funds due
- $178,931
- Interest + MI left
- $188,541
- First ends
- Dec 2051
Assumption
Assumption + second
$3,234/mo
+$851/mo- Down payment
- $50,290
- Funds due
- $64,232
- Interest + MI left
- $378,961
- First ends
- Dec 2051
New loan
New conventional
$3,741/mo
+$1,358/mo- Down payment
- $50,290
- Funds due
- $60,755
- Interest + MI left
- $682,008
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $333,705 | $333,705 | $449,705 |
| Second mortgage | — | $116,000 | — |
| First P&I | $1,580.67 | $1,580.67 | $3,113.67 |
| Second P&I | — | $851.17 | — |
| Mortgage insurance | $265.23 | $265.23 | $89.94 |
| Taxes, insurance & HOA | $537.00 | $537.00 | $537.00 |
| Total housing payment | $2,382.90 | $3,234.07 | $3,740.61 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$50,290
Closing costs & prepaids$13,942
Usable credit−$0
Total buyer cash needed$64,232
Earnest money paid−$0
Remaining funds due$64,232
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,999.95
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$757.00
Initial HOA (3 months)$354.00
Prepaid interest, first (2 days)$55.04
Prepaid interest, second (2 days)$50.85
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 closing25 yr 1 moOf the original 30-year loan at 3.010%
Interest already paid$52,525Through Nov 2026
Assumption only · ends Dec 2051$188,541
Assumption + second · ends Dec 2051, second Dec 2056$378,961
New conventional · ends Dec 2056$682,008