Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,170/mo
Lowest payment- Down payment
- $134,654
- Funds due
- $146,291
- Interest + MI left
- $163,054
- First ends
- Jan 2051
Assumption
Assumption + second
$2,886/mo
+$716/mo- Down payment
- $45,654
- Funds due
- $58,672
- Interest + MI left
- $331,855
- First ends
- Jan 2051
New loan
New conventional
$3,225/mo
+$1,055/mo- Down payment
- $45,654
- Funds due
- $55,365
- Interest + MI left
- $591,221
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $315,346 | $315,346 | $404,346 |
| Second mortgage | — | $89,000 | — |
| First P&I | $1,506.16 | $1,506.16 | $2,739.18 |
| Second P&I | — | $716.11 | — |
| Mortgage insurance | $258.64 | $258.64 | $80.87 |
| Taxes, insurance & HOA | $405.00 | $405.00 | $405.00 |
| Total housing payment | $2,169.80 | $2,885.92 | $3,225.05 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,654
Closing costs & prepaids$13,018
Usable credit−$0
Total buyer cash needed$58,672
Earnest money paid−$0
Remaining funds due$58,672
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,500.00
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)$540.00
Initial HOA (3 months)$225.00
Prepaid interest, first (6 days)$146.70
Prepaid interest, second (6 days)$131.67
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 1 moOf the original 30-year loan at 2.83%
Interest already paid$57,146Through Dec 2026
Assumption only · ends Jan 2051$163,054
Assumption + second · ends Jan 2051, second Jan 2057$331,855
New conventional · ends Jan 2057$591,221