Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,763/mo
Lowest payment- Down payment
- $119,116
- Funds due
- $129,625
- Interest + MI left
- $144,095
- First ends
- Jul 2051
Assumption
Assumption + second
$2,399/mo
+$636/mo- Down payment
- $40,116
- Funds due
- $51,914
- Interest + MI left
- $293,929
- First ends
- Jul 2051
New loan
New conventional
$2,794/mo
+$1,032/mo- Down payment
- $40,116
- Funds due
- $48,528
- Interest + MI left
- $545,788
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $280,884 | $280,884 | $359,884 |
| Second mortgage | — | $79,000 | — |
| First P&I | $1,305.07 | $1,305.07 | $2,491.76 |
| Second P&I | — | $635.65 | — |
| Mortgage insurance | $227.03 | $227.03 | $71.98 |
| Taxes, insurance & HOA | $230.75 | $230.75 | $230.75 |
| Total housing payment | $1,762.85 | $2,398.50 | $2,794.49 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,116
Closing costs & prepaids$11,798
Usable credit−$0
Total buyer cash needed$51,914
Earnest money paid−$0
Remaining funds due$51,914
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,000.00
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)$242.25
Prepaid interest, first (2 days)$42.02
Prepaid interest, second (2 days)$38.96
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 8 moOf the original 30-year loan at 2.730%
Interest already paid$43,897Through Nov 2026
Assumption only · ends Jul 2051$144,095
Assumption + second · ends Jul 2051, second Dec 2056$293,929
New conventional · ends Dec 2056$545,788