Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,864/mo
Lowest payment- Down payment
- $88,688
- Funds due
- $99,474
- Interest + MI left
- $134,708
- First ends
- Aug 2051
Assumption
Assumption + second
$2,307/mo
+$443/mo- Down payment
- $33,688
- Funds due
- $45,846
- Interest + MI left
- $239,023
- First ends
- Aug 2051
New loan
New conventional
$2,595/mo
+$731/mo- Down payment
- $33,688
- Funds due
- $42,692
- Interest + MI left
- $440,568
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $246,312 | $246,312 | $301,312 |
| Second mortgage | — | $55,000 | — |
| First P&I | $1,172.27 | $1,172.27 | $2,041.19 |
| Second P&I | — | $442.54 | — |
| Mortgage insurance | $198.22 | $198.22 | $60.26 |
| Taxes, insurance & HOA | $494.00 | $494.00 | $494.00 |
| Total housing payment | $1,864.49 | $2,307.03 | $2,595.45 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,688
Closing costs & prepaids$12,158
Usable credit−$0
Total buyer cash needed$45,846
Earnest money paid−$0
Remaining funds due$45,846
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,350.00
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)$402.00
Initial HOA (3 months)$630.00
Prepaid interest, first (9 days)$179.17
Prepaid interest, second (9 days)$122.05
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 8 moOf the original 30-year loan at 2.95%
Interest already paid$41,501Through Dec 2026
Assumption only · ends Aug 2051$134,708
Assumption + second · ends Aug 2051, second Jan 2057$239,023
New conventional · ends Jan 2057$440,568