Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,482/mo
Lowest payment- Down payment
- $161,621
- Funds due
- $172,200
- Interest + MI left
- $116,398
- First ends
- Sep 2051
Assumption
Assumption + second
$2,392/mo
+$910/mo- Down payment
- $37,621
- Funds due
- $49,694
- Interest + MI left
- $319,950
- First ends
- Sep 2051
New loan
New conventional
$2,653/mo
+$1,171/mo- Down payment
- $37,621
- Funds due
- $46,467
- Interest + MI left
- $493,304
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $213,379 | $213,379 | $337,379 |
| Second mortgage | — | $124,000 | — |
| First P&I | $1,011.00 | $1,011.00 | $2,285.52 |
| Second P&I | — | $909.87 | — |
| Mortgage insurance | $171.39 | $171.39 | $67.48 |
| Taxes, insurance & HOA | $300.00 | $300.00 | $300.00 |
| Total housing payment | $1,482.39 | $2,392.26 | $2,653.00 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,621
Closing costs & prepaids$12,074
Usable credit−$0
Total buyer cash needed$49,694
Earnest money paid−$0
Remaining funds due$49,694
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,750.00
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)$450.00
Prepaid interest, first (9 days)$154.16
Prepaid interest, second (9 days)$244.60
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 9 moOf the original 30-year loan at 2.93%
Interest already paid$35,112Through Dec 2026
Assumption only · ends Sep 2051$116,398
Assumption + second · ends Sep 2051, second Jan 2057$319,950
New conventional · ends Jan 2057$493,304