Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,453/mo
Lowest payment- Down payment
- $53,965
- Funds due
- $63,438
- Interest + MI left
- $110,418
- First ends
- Sep 2051
Assumption
Assumption + second
$1,670/mo
+$217/mo- Down payment
- $26,965
- Funds due
- $37,748
- Interest + MI left
- $161,627
- First ends
- Sep 2051
New loan
New conventional
$1,943/mo
+$490/mo- Down payment
- $26,965
- Funds due
- $34,636
- Interest + MI left
- $340,496
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $205,935 | $205,935 | $232,935 |
| Second mortgage | — | $27,000 | — |
| First P&I | $969.36 | $969.36 | $1,577.98 |
| Second P&I | — | $217.25 | — |
| Mortgage insurance | $165.60 | $165.60 | $46.59 |
| Taxes, insurance & HOA | $318.00 | $318.00 | $318.00 |
| Total housing payment | $1,452.96 | $1,670.21 | $1,942.57 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$26,965
Closing costs & prepaids$10,784
Usable credit−$0
Total buyer cash needed$37,748
Earnest money paid−$0
Remaining funds due$37,748
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,599.00
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)$312.00
Initial HOA (3 months)$192.00
Prepaid interest, first (9 days)$145.73
Prepaid interest, second (9 days)$59.92
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 2.87%
Interest already paid$33,214Through Dec 2026
Assumption only · ends Sep 2051$110,418
Assumption + second · ends Sep 2051, second Jan 2057$161,627
New conventional · ends Jan 2057$340,496