Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,061/mo
Lowest payment- Down payment
- $159,962
- Funds due
- $171,765
- Interest + MI left
- $170,685
- First ends
- Jun 2051
Assumption
Assumption + second
$2,890/mo
+$829/mo- Down payment
- $46,962
- Funds due
- $60,163
- Interest + MI left
- $356,180
- First ends
- Jun 2051
New loan
New conventional
$3,246/mo
+$1,185/mo- Down payment
- $46,962
- Funds due
- $56,832
- Interest + MI left
- $606,771
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $302,038 | $302,038 | $415,038 |
| Second mortgage | — | $113,000 | — |
| First P&I | $1,466.08 | $1,466.08 | $2,811.61 |
| Second P&I | — | $829.15 | — |
| Mortgage insurance | $243.50 | $243.50 | $83.01 |
| Taxes, insurance & HOA | $351.50 | $351.50 | $351.50 |
| Total housing payment | $2,061.08 | $2,890.24 | $3,246.12 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$46,962
Closing costs & prepaids$13,202
Usable credit−$0
Total buyer cash needed$60,163
Earnest money paid−$0
Remaining funds due$60,163
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,620.00
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)$554.50
Prepaid interest, first (6 days)$153.42
Prepaid interest, second (6 days)$148.60
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 6 moOf the original 30-year loan at 3.09%
Interest already paid$55,031Through Dec 2026
Assumption only · ends Jun 2051$170,685
Assumption + second · ends Jun 2051, second Jan 2057$356,180
New conventional · ends Jan 2057$606,771