Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,380/mo
Lowest payment- Down payment
- $97,440
- Funds due
- $107,177
- Interest + MI left
- $92,695
- First ends
- May 2051
Assumption
Assumption + second
$1,935/mo
+$555/mo- Down payment
- $28,440
- Funds due
- $39,444
- Interest + MI left
- $223,563
- First ends
- May 2051
New loan
New conventional
$2,156/mo
+$776/mo- Down payment
- $28,440
- Funds due
- $36,130
- Interest + MI left
- $373,825
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $177,559 | $177,559 | $246,559 |
| Second mortgage | — | $69,000 | — |
| First P&I | $836.18 | $836.18 | $1,707.12 |
| Second P&I | — | $555.19 | — |
| Mortgage insurance | $143.96 | $143.96 | $49.31 |
| Taxes, insurance & HOA | $399.67 | $399.67 | $399.67 |
| Total housing payment | $1,379.81 | $1,935.00 | $2,156.10 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,440
Closing costs & prepaids$11,005
Usable credit−$0
Total buyer cash needed$39,444
Earnest money paid−$0
Remaining funds due$39,444
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,749.99
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)$317.00
Initial HOA (3 months)$432.00
Prepaid interest, first (1 days)$13.67
Prepaid interest, second (1 days)$17.01
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 6 moOf the original 30-year loan at 2.810%
Interest already paid$29,507Through Nov 2026
Assumption only · ends May 2051$92,695
Assumption + second · ends May 2051, second Dec 2056$223,563
New conventional · ends Dec 2056$373,825