Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,376/mo
Lowest payment- Down payment
- $159,303
- Funds due
- $171,767
- Interest + MI left
- $199,016
- First ends
- Sep 2051
Assumption
Assumption + second
$3,162/mo
+$785/mo- Down payment
- $52,303
- Funds due
- $66,157
- Interest + MI left
- $374,662
- First ends
- Sep 2051
New loan
New conventional
$3,629/mo
+$1,253/mo- Down payment
- $52,303
- Funds due
- $62,819
- Interest + MI left
- $682,388
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $359,697 | $359,697 | $466,697 |
| Second mortgage | — | $107,000 | — |
| First P&I | $1,713.57 | $1,713.57 | $3,161.57 |
| Second P&I | — | $785.13 | — |
| Mortgage insurance | $288.63 | $288.63 | $93.34 |
| Taxes, insurance & HOA | $374.25 | $374.25 | $374.25 |
| Total housing payment | $2,376.46 | $3,161.58 | $3,629.16 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$52,303
Closing costs & prepaids$13,855
Usable credit−$0
Total buyer cash needed$66,157
Earnest money paid−$0
Remaining funds due$66,157
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,190.00
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)$622.75
Prepaid interest, first (6 days)$176.20
Prepaid interest, second (6 days)$140.71
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 2.98%
Interest already paid$60,169Through Dec 2026
Assumption only · ends Sep 2051$199,016
Assumption + second · ends Sep 2051, second Jan 2057$374,662
New conventional · ends Jan 2057$682,388