Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,050/mo
Lowest payment- Down payment
- $93,276
- Funds due
- $104,167
- Interest + MI left
- $169,023
- First ends
- Nov 2051
Assumption
Assumption + second
$2,461/mo
+$410/mo- Down payment
- $42,276
- Funds due
- $54,442
- Interest + MI left
- $265,752
- First ends
- Nov 2051
New loan
New conventional
$2,961/mo
+$910/mo- Down payment
- $42,276
- Funds due
- $51,047
- Interest + MI left
- $565,035
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $321,624 | $321,624 | $372,624 |
| Second mortgage | — | $51,000 | — |
| First P&I | $1,486.98 | $1,486.98 | $2,579.97 |
| Second P&I | — | $410.36 | — |
| Mortgage insurance | $257.34 | $257.34 | $74.52 |
| Taxes, insurance & HOA | $306.08 | $306.08 | $306.08 |
| Total housing payment | $2,050.40 | $2,460.76 | $2,960.58 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,276
Closing costs & prepaids$12,166
Usable credit−$0
Total buyer cash needed$54,442
Earnest money paid−$0
Remaining funds due$54,442
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,149.00
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)$468.25
Prepaid interest, first (2 days)$48.82
Prepaid interest, second (2 days)$25.15
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 yrOf the original 30-year loan at 2.770%
Interest already paid$47,545Through Nov 2026
Assumption only · ends Nov 2051$169,023
Assumption + second · ends Nov 2051, second Dec 2056$265,752
New conventional · ends Dec 2056$565,035