Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,007/mo
Lowest payment- Down payment
- $74,411
- Funds due
- $87,338
- Interest + MI left
- $250,376
- First ends
- Sep 2051
Assumption
Assumption + second
$3,486/mo
+$479/mo- Down payment
- $27,411
- Funds due
- $41,680
- Interest + MI left
- $375,790
- First ends
- Sep 2051
New loan
New conventional
$3,980/mo
+$973/mo- Down payment
- $27,411
- Funds due
- $38,635
- Interest + MI left
- $736,748
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $455,089 | $455,089 | $502,089 |
| Second mortgage | — | $47,000 | — |
| First P&I | $2,163.30 | $2,163.30 | $3,401.33 |
| Second P&I | — | $478.93 | — |
| Mortgage insurance | $365.32 | $365.32 | $100.42 |
| Taxes, insurance & HOA | $478.50 | $478.50 | $478.50 |
| Total housing payment | $3,007.12 | $3,486.05 | $3,980.24 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$27,411
Closing costs & prepaids$14,269
Usable credit−$0
Total buyer cash needed$41,680
Earnest money paid−$0
Remaining funds due$41,680
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,295.00
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)$635.50
Initial HOA (3 months)$300.00
Prepaid interest, first (6 days)$221.44
Prepaid interest, second (6 days)$91.75
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 9 moOf the original 30-year loan at 2.96%
Interest already paid$75,631Through Dec 2026
Assumption only · ends Sep 2051$250,376
Assumption + second · ends Sep 2051, second Jan 2057$375,790
New conventional · ends Jan 2057$736,748