Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,863/mo
Lowest payment- Down payment
- $102,119
- Funds due
- $112,816
- Interest + MI left
- $145,288
- First ends
- Dec 2051
Assumption
Assumption + second
$2,386/mo
+$523/mo- Down payment
- $37,119
- Funds due
- $49,082
- Interest + MI left
- $268,570
- First ends
- Dec 2051
New loan
New conventional
$2,768/mo
+$905/mo- Down payment
- $37,119
- Funds due
- $45,691
- Interest + MI left
- $503,320
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $266,881 | $266,881 | $331,881 |
| Second mortgage | — | $65,000 | — |
| First P&I | $1,246.15 | $1,246.15 | $2,297.88 |
| Second P&I | — | $523.00 | — |
| Mortgage insurance | $212.61 | $212.61 | $66.38 |
| Taxes, insurance & HOA | $403.75 | $403.75 | $403.75 |
| Total housing payment | $1,862.52 | $2,385.52 | $2,768.00 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,119
Closing costs & prepaids$11,963
Usable credit−$0
Total buyer cash needed$49,082
Earnest money paid−$0
Remaining funds due$49,082
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,690.00
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)$470.25
Initial HOA (3 months)$291.00
Prepaid interest, first (1 days)$21.06
Prepaid interest, second (1 days)$16.03
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 closing25 yr 1 moOf the original 30-year loan at 2.880%
Interest already paid$40,242Through Nov 2026
Assumption only · ends Dec 2051$145,288
Assumption + second · ends Dec 2051, second Dec 2056$268,570
New conventional · ends Dec 2056$503,320