Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,726/mo
Lowest payment- Down payment
- $170,329
- Funds due
- $181,550
- Interest + MI left
- $124,359
- First ends
- Apr 2051
Assumption
Assumption + second
$2,665/mo
+$939/mo- Down payment
- $42,329
- Funds due
- $55,052
- Interest + MI left
- $334,478
- First ends
- Apr 2051
New loan
New conventional
$2,976/mo
+$1,251/mo- Down payment
- $42,329
- Funds due
- $51,821
- Interest + MI left
- $544,817
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $244,661 | $244,661 | $372,661 |
| Second mortgage | — | $128,000 | — |
| First P&I | $1,148.94 | $1,148.94 | $2,524.54 |
| Second P&I | — | $939.22 | — |
| Mortgage insurance | $199.61 | $199.61 | $74.53 |
| Taxes, insurance & HOA | $377.00 | $377.00 | $377.00 |
| Total housing payment | $1,725.54 | $2,664.76 | $2,976.07 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,329
Closing costs & prepaids$12,724
Usable credit−$0
Total buyer cash needed$55,052
Earnest money paid−$0
Remaining funds due$55,052
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,149.90
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)$498.00
Initial HOA (3 months)$183.00
Prepaid interest, first (9 days)$165.30
Prepaid interest, second (9 days)$252.49
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 4 moOf the original 30-year loan at 2.74%
Interest already paid$40,988Through Dec 2026
Assumption only · ends Apr 2051$124,359
Assumption + second · ends Apr 2051, second Jan 2057$334,478
New conventional · ends Jan 2057$544,817