Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,595/mo
Lowest payment- Down payment
- $141,899
- Funds due
- $152,443
- Interest + MI left
- $121,444
- First ends
- Oct 2051
Assumption
Assumption + second
$2,366/mo
+$770/mo- Down payment
- $36,899
- Funds due
- $48,716
- Interest + MI left
- $293,807
- First ends
- Oct 2051
New loan
New conventional
$2,712/mo
+$1,117/mo- Down payment
- $36,899
- Funds due
- $45,322
- Interest + MI left
- $500,620
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $225,101 | $225,101 | $330,101 |
| Second mortgage | — | $105,000 | — |
| First P&I | $1,054.70 | $1,054.70 | $2,285.55 |
| Second P&I | — | $770.45 | — |
| Mortgage insurance | $180.18 | $180.18 | $66.02 |
| Taxes, insurance & HOA | $360.17 | $360.17 | $360.17 |
| Total housing payment | $1,595.06 | $2,365.51 | $2,711.74 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,899
Closing costs & prepaids$11,816
Usable credit−$0
Total buyer cash needed$48,716
Earnest money paid−$0
Remaining funds due$48,716
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,670.00
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)$370.50
Initial HOA (3 months)$260.01
Prepaid interest, first (1 days)$17.70
Prepaid interest, second (1 days)$23.01
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 11 moOf the original 30-year loan at 2.870%
Interest already paid$35,063Through Nov 2026
Assumption only · ends Oct 2051$121,444
Assumption + second · ends Oct 2051, second Dec 2056$293,807
New conventional · ends Dec 2056$500,620