Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,537/mo
Lowest payment- Down payment
- $96,962
- Funds due
- $106,930
- Interest + MI left
- $115,910
- First ends
- Apr 2051
Assumption
Assumption + second
$2,052/mo
+$515/mo- Down payment
- $32,962
- Funds due
- $44,275
- Interest + MI left
- $237,295
- First ends
- Apr 2051
New loan
New conventional
$2,317/mo
+$780/mo- Down payment
- $32,962
- Funds due
- $41,042
- Interest + MI left
- $427,008
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $228,038 | $228,038 | $292,038 |
| Second mortgage | — | $64,000 | — |
| First P&I | $1,070.87 | $1,070.87 | $1,978.37 |
| Second P&I | — | $514.96 | — |
| Mortgage insurance | $186.05 | $186.05 | $58.41 |
| Taxes, insurance & HOA | $280.00 | $280.00 | $280.00 |
| Total housing payment | $1,536.92 | $2,051.88 | $2,316.77 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,962
Closing costs & prepaids$11,312
Usable credit−$0
Total buyer cash needed$44,275
Earnest money paid−$0
Remaining funds due$44,275
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,250.00
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)$390.00
Prepaid interest, first (6 days)$102.71
Prepaid interest, second (6 days)$94.68
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 4 moOf the original 30-year loan at 2.74%
Interest already paid$38,203Through Dec 2026
Assumption only · ends Apr 2051$115,910
Assumption + second · ends Apr 2051, second Jan 2057$237,295
New conventional · ends Jan 2057$427,008