Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,088/mo
Lowest payment- Down payment
- $79,403
- Funds due
- $90,104
- Interest + MI left
- $179,381
- First ends
- Jun 2051
Assumption
Assumption + second
$2,410/mo
+$322/mo- Down payment
- $39,403
- Funds due
- $51,374
- Interest + MI left
- $255,247
- First ends
- Jun 2051
New loan
New conventional
$2,818/mo
+$730/mo- Down payment
- $39,403
- Funds due
- $47,998
- Interest + MI left
- $530,117
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $309,597 | $309,597 | $349,597 |
| Second mortgage | — | $40,000 | — |
| First P&I | $1,512.31 | $1,512.31 | $2,420.54 |
| Second P&I | — | $321.85 | — |
| Mortgage insurance | $248.64 | $248.64 | $69.92 |
| Taxes, insurance & HOA | $327.50 | $327.50 | $327.50 |
| Total housing payment | $2,088.45 | $2,410.30 | $2,817.96 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,403
Closing costs & prepaids$11,971
Usable credit−$0
Total buyer cash needed$51,374
Earnest money paid−$0
Remaining funds due$51,374
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,890.00
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)$346.50
Initial HOA (3 months)$186.00
Prepaid interest, first (2 days)$53.78
Prepaid interest, second (2 days)$19.73
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 3.170%
Interest already paid$56,873Through Nov 2026
Assumption only · ends Jun 2051$179,381
Assumption + second · ends Jun 2051, second Dec 2056$255,247
New conventional · ends Dec 2056$530,117