Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,917/mo
Lowest payment- Down payment
- $191,106
- Funds due
- $203,060
- Interest + MI left
- $126,829
- First ends
- Mar 2051
Assumption
Assumption + second
$2,989/mo
+$1,071/mo- Down payment
- $45,106
- Funds due
- $58,598
- Interest + MI left
- $366,496
- First ends
- Mar 2051
New loan
New conventional
$3,312/mo
+$1,395/mo- Down payment
- $45,106
- Funds due
- $55,350
- Interest + MI left
- $586,027
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $254,794 | $254,794 | $400,794 |
| Second mortgage | — | $146,000 | — |
| First P&I | $1,191.65 | $1,191.65 | $2,715.12 |
| Second P&I | — | $1,071.30 | — |
| Mortgage insurance | $208.65 | $208.65 | $80.16 |
| Taxes, insurance & HOA | $517.00 | $517.00 | $517.00 |
| Total housing payment | $1,917.30 | $2,988.60 | $3,312.28 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,106
Closing costs & prepaids$13,491
Usable credit−$0
Total buyer cash needed$58,598
Earnest money paid−$0
Remaining funds due$58,598
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,459.00
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)$535.00
Initial HOA (3 months)$566.01
Prepaid interest, first (9 days)$168.37
Prepaid interest, second (9 days)$288.00
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 2.68%
Interest already paid$42,451Through Dec 2026
Assumption only · ends Mar 2051$126,829
Assumption + second · ends Mar 2051, second Jan 2057$366,496
New conventional · ends Jan 2057$586,027