Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,029/mo
Lowest payment- Down payment
- $134,743
- Funds due
- $145,899
- Interest + MI left
- $172,027
- First ends
- Jul 2051
Assumption
Assumption + second
$2,761/mo
+$732/mo- Down payment
- $43,743
- Funds due
- $56,172
- Interest + MI left
- $344,622
- First ends
- Jul 2051
New loan
New conventional
$3,103/mo
+$1,074/mo- Down payment
- $43,743
- Funds due
- $52,715
- Interest + MI left
- $585,556
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $295,157 | $295,157 | $386,157 |
| Second mortgage | — | $91,000 | — |
| First P&I | $1,440.10 | $1,440.10 | $2,673.67 |
| Second P&I | — | $732.21 | — |
| Mortgage insurance | $236.47 | $236.47 | $77.23 |
| Taxes, insurance & HOA | $352.25 | $352.25 | $352.25 |
| Total housing payment | $2,028.82 | $2,761.03 | $3,103.15 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,743
Closing costs & prepaids$12,429
Usable credit−$0
Total buyer cash needed$56,172
Earnest money paid−$0
Remaining funds due$56,172
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,299.00
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)$261.75
Initial HOA (3 months)$345.00
Prepaid interest, first (1 days)$25.72
Prepaid interest, second (1 days)$22.44
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 8 moOf the original 30-year loan at 3.180%
Interest already paid$53,483Through Nov 2026
Assumption only · ends Jul 2051$172,027
Assumption + second · ends Jul 2051, second Dec 2056$344,622
New conventional · ends Dec 2056$585,556