Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,839/mo
Lowest payment- Down payment
- $72,464
- Funds due
- $83,040
- Interest + MI left
- $119,245
- First ends
- Feb 2051
Assumption
Assumption + second
$2,169/mo
+$330/mo- Down payment
- $31,464
- Funds due
- $43,360
- Interest + MI left
- $197,007
- First ends
- Feb 2051
New loan
New conventional
$2,468/mo
+$629/mo- Down payment
- $31,464
- Funds due
- $40,185
- Interest + MI left
- $407,064
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $237,436 | $237,436 | $278,436 |
| Second mortgage | — | $41,000 | — |
| First P&I | $1,118.01 | $1,118.01 | $1,886.22 |
| Second P&I | — | $329.90 | — |
| Mortgage insurance | $194.74 | $194.74 | $55.69 |
| Taxes, insurance & HOA | $526.00 | $526.00 | $526.00 |
| Total housing payment | $1,838.75 | $2,168.64 | $2,467.91 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$31,464
Closing costs & prepaids$11,897
Usable credit−$0
Total buyer cash needed$43,360
Earnest money paid−$0
Remaining funds due$43,360
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,099.00
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)$372.00
Initial HOA (3 months)$756.00
Prepaid interest, first (7 days)$123.86
Prepaid interest, second (7 days)$70.77
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 7 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 2 moOf the original 30-year loan at 2.72%
Interest already paid$40,769Through Dec 2026
Assumption only · ends Feb 2051$119,245
Assumption + second · ends Feb 2051, second Jan 2057$197,007
New conventional · ends Jan 2057$407,064