Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,268/mo
Lowest payment- Down payment
- $328,230
- Funds due
- $340,308
- Interest + MI left
- $85,628
- First ends
- Mar 2051
Assumption
Assumption + second
$3,267/mo
+$1,999/mo- Down payment
- $49,230
- Funds due
- $63,092
- Interest + MI left
- $526,192
- First ends
- Mar 2051
New loan
New conventional
$3,437/mo
+$2,168/mo- Down payment
- $49,230
- Funds due
- $59,681
- Interest + MI left
- $644,479
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $161,770 | $161,770 | $440,770 |
| Second mortgage | — | $279,000 | — |
| First P&I | $773.92 | $773.92 | $2,985.93 |
| Second P&I | — | $1,998.79 | — |
| Mortgage insurance | $131.87 | $131.87 | $88.15 |
| Taxes, insurance & HOA | $362.67 | $362.67 | $362.67 |
| Total housing payment | $1,268.46 | $3,267.25 | $3,436.75 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$49,230
Closing costs & prepaids$13,861
Usable credit−$0
Total buyer cash needed$63,092
Earnest money paid−$0
Remaining funds due$63,092
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,900.00
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)$588.00
Prepaid interest, first (9 days)$115.28
Prepaid interest, second (9 days)$533.16
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 2.89%
Interest already paid$28,995Through Dec 2026
Assumption only · ends Mar 2051$85,628
Assumption + second · ends Mar 2051, second Jan 2057$526,192
New conventional · ends Jan 2057$644,479