Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,944/mo
Lowest payment- Down payment
- $158,052
- Funds due
- $169,547
- Interest + MI left
- $133,687
- First ends
- Apr 2051
Assumption
Assumption + second
$2,787/mo
+$844/mo- Down payment
- $43,052
- Funds due
- $55,823
- Interest + MI left
- $322,465
- First ends
- Apr 2051
New loan
New conventional
$3,205/mo
+$1,261/mo- Down payment
- $43,052
- Funds due
- $52,375
- Interest + MI left
- $579,173
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $266,948 | $266,948 | $381,948 |
| Second mortgage | — | $115,000 | — |
| First P&I | $1,242.44 | $1,242.44 | $2,644.53 |
| Second P&I | — | $843.83 | — |
| Mortgage insurance | $217.54 | $217.54 | $76.39 |
| Taxes, insurance & HOA | $483.67 | $483.67 | $483.67 |
| Total housing payment | $1,943.65 | $2,787.48 | $3,204.59 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,052
Closing costs & prepaids$12,771
Usable credit−$0
Total buyer cash needed$55,823
Earnest money paid−$0
Remaining funds due$55,823
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,250.00
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)$641.00
Initial HOA (3 months)$360.00
Prepaid interest, first (1 days)$19.60
Prepaid interest, second (1 days)$25.21
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 5 moOf the original 30-year loan at 2.680%
Interest already paid$43,070Through Nov 2026
Assumption only · ends Apr 2051$133,687
Assumption + second · ends Apr 2051, second Dec 2056$322,465
New conventional · ends Dec 2056$579,173