Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,138/mo
Lowest payment- Down payment
- $143,891
- Funds due
- $155,613
- Interest + MI left
- $158,551
- First ends
- Jul 2051
Assumption
Assumption + second
$2,879/mo
+$741/mo- Down payment
- $42,891
- Funds due
- $55,885
- Interest + MI left
- $324,348
- First ends
- Jul 2051
New loan
New conventional
$3,280/mo
+$1,142/mo- Down payment
- $42,891
- Funds due
- $52,438
- Interest + MI left
- $579,494
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $281,109 | $281,109 | $382,109 |
| Second mortgage | — | $101,000 | — |
| First P&I | $1,353.93 | $1,353.93 | $2,645.65 |
| Second P&I | — | $741.10 | — |
| Mortgage insurance | $225.74 | $225.74 | $76.42 |
| Taxes, insurance & HOA | $557.92 | $557.92 | $557.92 |
| Total housing payment | $2,137.58 | $2,878.68 | $3,279.98 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,891
Closing costs & prepaids$12,994
Usable credit−$0
Total buyer cash needed$55,885
Earnest money paid−$0
Remaining funds due$55,885
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)$809.75
Initial HOA (3 months)$414.00
Prepaid interest, first (1 days)$23.57
Prepaid interest, second (1 days)$22.14
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 3.060%
Interest already paid$49,074Through Nov 2026
Assumption only · ends Jul 2051$158,551
Assumption + second · ends Jul 2051, second Dec 2056$324,348
New conventional · ends Dec 2056$579,494