Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,775/mo
Lowest payment- Down payment
- $145,756
- Funds due
- $158,978
- Interest + MI left
- $209,311
- First ends
- Mar 2051
Assumption
Assumption + second
$3,491/mo
+$716/mo- Down payment
- $56,756
- Funds due
- $71,359
- Interest + MI left
- $378,112
- First ends
- Mar 2051
New loan
New conventional
$4,006/mo
+$1,231/mo- Down payment
- $56,756
- Funds due
- $68,021
- Interest + MI left
- $739,481
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $416,744 | $416,744 | $505,744 |
| Second mortgage | — | $89,000 | — |
| First P&I | $1,955.42 | $1,955.42 | $3,426.09 |
| Second P&I | — | $716.11 | — |
| Mortgage insurance | $341.05 | $341.05 | $101.15 |
| Taxes, insurance & HOA | $478.67 | $478.67 | $478.67 |
| Total housing payment | $2,775.13 | $3,491.25 | $4,005.90 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$56,756
Closing costs & prepaids$14,603
Usable credit−$0
Total buyer cash needed$71,359
Earnest money paid−$0
Remaining funds due$71,359
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,625.00
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)$675.00
Initial HOA (3 months)$261.00
Prepaid interest, first (6 days)$185.65
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 3 moOf the original 30-year loan at 2.71%
Interest already paid$70,187Through Dec 2026
Assumption only · ends Mar 2051$209,311
Assumption + second · ends Mar 2051, second Jan 2057$378,112
New conventional · ends Jan 2057$739,481