Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,800/mo
Lowest payment- Down payment
- $61,479
- Funds due
- $71,444
- Interest + MI left
- $160,187
- First ends
- Dec 2051
Assumption
Assumption + second
$2,009/mo
+$209/mo- Down payment
- $35,479
- Funds due
- $46,707
- Interest + MI left
- $209,500
- First ends
- Dec 2051
New loan
New conventional
$2,436/mo
+$637/mo- Down payment
- $35,479
- Funds due
- $43,368
- Interest + MI left
- $469,286
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $283,521 | $283,521 | $309,521 |
| Second mortgage | — | $26,000 | — |
| First P&I | $1,342.97 | $1,342.97 | $2,143.06 |
| Second P&I | — | $209.20 | — |
| Mortgage insurance | $225.34 | $225.34 | $61.90 |
| Taxes, insurance & HOA | $231.25 | $231.25 | $231.25 |
| Total housing payment | $1,799.56 | $2,008.76 | $2,436.22 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,479
Closing costs & prepaids$11,228
Usable credit−$0
Total buyer cash needed$46,707
Earnest money paid−$0
Remaining funds due$46,707
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,450.00
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)$243.75
Prepaid interest, first (2 days)$46.76
Prepaid interest, second (2 days)$12.82
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$44,626Through Nov 2026
Assumption only · ends Dec 2051$160,187
Assumption + second · ends Dec 2051, second Dec 2056$209,500
New conventional · ends Dec 2056$469,286