Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,638/mo
Lowest payment- Down payment
- $123,321
- Funds due
- $133,818
- Interest + MI left
- $123,023
- First ends
- Dec 2051
Assumption
Assumption + second
$2,346/mo
+$708/mo- Down payment
- $35,321
- Funds due
- $47,089
- Interest + MI left
- $289,928
- First ends
- Dec 2051
New loan
New conventional
$2,635/mo
+$997/mo- Down payment
- $35,321
- Funds due
- $43,710
- Interest + MI left
- $474,136
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $224,679 | $224,679 | $312,679 |
| Second mortgage | — | $88,000 | — |
| First P&I | $1,051.42 | $1,051.42 | $2,164.93 |
| Second P&I | — | $708.07 | — |
| Mortgage insurance | $178.93 | $178.93 | $62.54 |
| Taxes, insurance & HOA | $407.83 | $407.83 | $407.83 |
| Total housing payment | $1,638.18 | $2,346.24 | $2,635.29 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,321
Closing costs & prepaids$11,768
Usable credit−$0
Total buyer cash needed$47,089
Earnest money paid−$0
Remaining funds due$47,089
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,480.00
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)$538.50
Initial HOA (3 months)$234.99
Prepaid interest, first (1 days)$17.85
Prepaid interest, second (1 days)$21.70
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 closing25 yr 1 moOf the original 30-year loan at 2.900%
Interest already paid$34,107Through Nov 2026
Assumption only · ends Dec 2051$123,023
Assumption + second · ends Dec 2051, second Dec 2056$289,928
New conventional · ends Dec 2056$474,136