Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,529/mo
Lowest payment- Down payment
- $243,746
- Funds due
- $255,143
- Interest + MI left
- $116,919
- First ends
- Jul 2051
Assumption
Assumption + second
$2,982/mo
+$1,453/mo- Down payment
- $45,746
- Funds due
- $58,437
- Interest + MI left
- $441,947
- First ends
- Jul 2051
New loan
New conventional
$3,248/mo
+$1,719/mo- Down payment
- $45,746
- Funds due
- $54,950
- Interest + MI left
- $612,846
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $206,154 | $206,154 | $404,154 |
| Second mortgage | — | $198,000 | — |
| First P&I | $995.06 | $995.06 | $2,798.28 |
| Second P&I | — | $1,452.85 | — |
| Mortgage insurance | $165.48 | $165.48 | $80.83 |
| Taxes, insurance & HOA | $368.58 | $368.58 | $368.58 |
| Total housing payment | $1,529.13 | $2,981.98 | $3,247.69 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,746
Closing costs & prepaids$12,691
Usable credit−$0
Total buyer cash needed$58,437
Earnest money paid−$0
Remaining funds due$58,437
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,499.00
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)$495.75
Initial HOA (3 months)$159.99
Prepaid interest, first (1 days)$17.40
Prepaid interest, second (1 days)$43.40
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 3.080%
Interest already paid$36,217Through Nov 2026
Assumption only · ends Jul 2051$116,919
Assumption + second · ends Jul 2051, second Dec 2056$441,947
New conventional · ends Dec 2056$612,846