Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,484/mo
Lowest payment- Down payment
- $78,266
- Funds due
- $87,936
- Interest + MI left
- $107,926
- First ends
- May 2051
Assumption
Assumption + second
$1,879/mo
+$394/mo- Down payment
- $29,266
- Funds due
- $40,198
- Interest + MI left
- $200,861
- First ends
- May 2051
New loan
New conventional
$2,165/mo
+$681/mo- Down payment
- $29,266
- Funds due
- $36,879
- Interest + MI left
- $387,736
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $206,734 | $206,734 | $255,734 |
| Second mortgage | — | $49,000 | — |
| First P&I | $973.57 | $973.57 | $1,770.65 |
| Second P&I | — | $394.27 | — |
| Mortgage insurance | $167.62 | $167.62 | $51.15 |
| Taxes, insurance & HOA | $343.08 | $343.08 | $343.08 |
| Total housing payment | $1,484.27 | $1,878.54 | $2,164.88 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,266
Closing costs & prepaids$10,932
Usable credit−$0
Total buyer cash needed$40,198
Earnest money paid−$0
Remaining funds due$40,198
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,850.00
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)$264.25
Initial HOA (3 months)$315.00
Prepaid interest, first (1 days)$15.92
Prepaid interest, second (1 days)$12.08
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$34,356Through Nov 2026
Assumption only · ends May 2051$107,926
Assumption + second · ends May 2051, second Dec 2056$200,861
New conventional · ends Dec 2056$387,736