Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,558/mo
Lowest payment- Down payment
- $99,653
- Funds due
- $111,900
- Interest + MI left
- $213,809
- First ends
- Sep 2051
Assumption
Assumption + second
$2,968/mo
+$410/mo- Down payment
- $48,653
- Funds due
- $62,225
- Interest + MI left
- $310,538
- First ends
- Sep 2051
New loan
New conventional
$3,454/mo
+$896/mo- Down payment
- $48,653
- Funds due
- $58,938
- Interest + MI left
- $638,011
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $385,347 | $385,347 | $436,347 |
| Second mortgage | — | $51,000 | — |
| First P&I | $1,837.76 | $1,837.76 | $2,955.97 |
| Second P&I | — | $410.36 | — |
| Mortgage insurance | $309.16 | $309.16 | $87.27 |
| Taxes, insurance & HOA | $410.67 | $410.67 | $410.67 |
| Total housing payment | $2,557.59 | $2,967.94 | $3,453.90 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$48,653
Closing costs & prepaids$13,572
Usable credit−$0
Total buyer cash needed$62,225
Earnest money paid−$0
Remaining funds due$62,225
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,850.00
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)$582.00
Initial HOA (3 months)$150.00
Prepaid interest, first (6 days)$189.40
Prepaid interest, second (6 days)$75.45
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 2.99%
Interest already paid$64,670Through Dec 2026
Assumption only · ends Sep 2051$213,809
Assumption + second · ends Sep 2051, second Jan 2057$310,538
New conventional · ends Jan 2057$638,011