Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,232/mo
Lowest payment- Down payment
- $67,846
- Funds due
- $79,730
- Interest + MI left
- $113,113
- First ends
- Sep 2051
Assumption
Assumption + second
$2,554/mo
+$322/mo- Down payment
- $27,846
- Funds due
- $41,039
- Interest + MI left
- $188,979
- First ends
- Sep 2051
New loan
New conventional
$2,792/mo
+$560/mo- Down payment
- $27,846
- Funds due
- $37,837
- Interest + MI left
- $353,972
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $202,154 | $202,154 | $242,154 |
| Second mortgage | — | $40,000 | — |
| First P&I | $967.25 | $967.25 | $1,640.44 |
| Second P&I | — | $321.85 | — |
| Mortgage insurance | $162.09 | $162.09 | $48.43 |
| Taxes, insurance & HOA | $1,103.00 | $1,103.00 | $1,103.00 |
| Total housing payment | $2,232.34 | $2,554.19 | $2,791.87 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$27,846
Closing costs & prepaids$13,194
Usable credit−$0
Total buyer cash needed$41,039
Earnest money paid−$0
Remaining funds due$41,039
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,700.00
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)$324.00
Initial HOA (3 months)$2,535.00
Prepaid interest, first (6 days)$100.36
Prepaid interest, second (6 days)$59.18
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 3.02%
Interest already paid$34,256Through Dec 2026
Assumption only · ends Sep 2051$113,113
Assumption + second · ends Sep 2051, second Jan 2057$188,979
New conventional · ends Jan 2057$353,972