Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,095/mo
Lowest payment- Down payment
- $49,202
- Funds due
- $60,531
- Interest + MI left
- $83,735
- First ends
- Jul 2051
Assumption
Assumption + second
$2,391/mo
+$296/mo- Down payment
- $20,202
- Funds due
- $32,791
- Interest + MI left
- $161,119
- First ends
- Jul 2051
New loan
New conventional
$3,202/mo
+$1,106/mo- Down payment
- $20,202
- Funds due
- $29,596
- Interest + MI left
- $570,355
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $345,798 | $345,798 | $374,798 |
| Second mortgage | — | $29,000 | — |
| First P&I | $1,318.72 | $1,318.72 | $2,595.03 |
| Second P&I | — | $295.51 | — |
| Mortgage insurance | $244.94 | $244.94 | $74.96 |
| Taxes, insurance & HOA | $531.75 | $531.75 | $531.75 |
| Total housing payment | $2,095.41 | $2,390.92 | $3,201.74 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$20,202
Closing costs & prepaids$12,589
Usable credit−$0
Total buyer cash needed$32,791
Earnest money paid−$0
Remaining funds due$32,791
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,950.00
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)$878.25
Initial HOA (3 months)$267.00
Prepaid interest, first (1 days)$9.47
Prepaid interest, second (1 days)$9.43
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 1.000%
Interest already paid$20,197Through Nov 2026
Assumption only · ends Jul 2051$83,735
Assumption + second · ends Jul 2051, second Dec 2056$161,119
New conventional · ends Dec 2056$570,355