Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,384/mo
Lowest payment- Down payment
- $261,754
- Funds due
- $273,232
- Interest + MI left
- $96,907
- First ends
- Jul 2051
Assumption
Assumption + second
$2,939/mo
+$1,555/mo- Down payment
- $44,754
- Funds due
- $57,896
- Interest + MI left
- $439,568
- First ends
- Jul 2051
New loan
New conventional
$3,144/mo
+$1,760/mo- Down payment
- $44,754
- Funds due
- $54,553
- Interest + MI left
- $576,374
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $177,246 | $177,246 | $394,246 |
| Second mortgage | — | $217,000 | — |
| First P&I | $846.43 | $846.43 | $2,670.76 |
| Second P&I | — | $1,554.61 | — |
| Mortgage insurance | $142.94 | $142.94 | $78.85 |
| Taxes, insurance & HOA | $394.58 | $394.58 | $394.58 |
| Total housing payment | $1,383.95 | $2,938.56 | $3,144.19 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$44,754
Closing costs & prepaids$13,143
Usable credit−$0
Total buyer cash needed$57,896
Earnest money paid−$0
Remaining funds due$57,896
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,390.00
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)$526.75
Initial HOA (3 months)$207.00
Prepaid interest, first (9 days)$129.37
Prepaid interest, second (9 days)$414.68
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 7 moOf the original 30-year loan at 2.96%
Interest already paid$30,469Through Dec 2026
Assumption only · ends Jul 2051$96,907
Assumption + second · ends Jul 2051, second Jan 2057$439,568
New conventional · ends Jan 2057$576,374