Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,629/mo
Lowest payment- Down payment
- $139,645
- Funds due
- $152,469
- Interest + MI left
- $216,243
- First ends
- Oct 2051
Assumption
Assumption + second
$3,305/mo
+$676/mo- Down payment
- $55,645
- Funds due
- $69,843
- Interest + MI left
- $375,561
- First ends
- Oct 2051
New loan
New conventional
$3,834/mo
+$1,206/mo- Down payment
- $55,645
- Funds due
- $66,507
- Interest + MI left
- $722,829
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $410,355 | $410,355 | $494,355 |
| Second mortgage | — | $84,000 | — |
| First P&I | $1,912.36 | $1,912.36 | $3,348.93 |
| Second P&I | — | $675.88 | — |
| Mortgage insurance | $329.67 | $329.67 | $98.87 |
| Taxes, insurance & HOA | $386.67 | $386.67 | $386.67 |
| Total housing payment | $2,628.70 | $3,304.58 | $3,834.47 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$55,645
Closing costs & prepaids$14,198
Usable credit−$0
Total buyer cash needed$69,843
Earnest money paid−$0
Remaining funds due$69,843
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,500.00
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)$660.00
Prepaid interest, first (6 days)$188.88
Prepaid interest, second (6 days)$124.27
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 10 moOf the original 30-year loan at 2.8%
Interest already paid$63,507Through Dec 2026
Assumption only · ends Oct 2051$216,243
Assumption + second · ends Oct 2051, second Jan 2057$375,561
New conventional · ends Jan 2057$722,829