Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,047/mo
Lowest payment- Down payment
- $198,483
- Funds due
- $210,661
- Interest + MI left
- $154,196
- First ends
- May 2051
Assumption
Assumption + second
$3,133/mo
+$1,086/mo- Down payment
- $50,483
- Funds due
- $63,944
- Interest + MI left
- $397,146
- First ends
- May 2051
New loan
New conventional
$3,596/mo
+$1,548/mo- Down payment
- $50,483
- Funds due
- $60,425
- Interest + MI left
- $681,721
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $301,516 | $301,516 | $449,516 |
| Second mortgage | — | $148,000 | — |
| First P&I | $1,409.15 | $1,409.15 | $3,112.36 |
| Second P&I | — | $1,085.97 | — |
| Mortgage insurance | $244.82 | $244.82 | $89.90 |
| Taxes, insurance & HOA | $393.42 | $393.42 | $393.42 |
| Total housing payment | $2,047.38 | $3,133.35 | $3,595.68 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$50,483
Closing costs & prepaids$13,460
Usable credit−$0
Total buyer cash needed$63,944
Earnest money paid−$0
Remaining funds due$63,944
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,999.99
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$515.25
Initial HOA (3 months)$165.00
Prepaid interest, first (1 days)$22.63
Prepaid interest, second (1 days)$32.44
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 2.740%
Interest already paid$48,896Through Nov 2026
Assumption only · ends May 2051$154,196
Assumption + second · ends May 2051, second Dec 2056$397,146
New conventional · ends Dec 2056$681,721