Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,586/mo
Lowest payment- Down payment
- $37,855
- Funds due
- $47,582
- Interest + MI left
- $100,101
- First ends
- Aug 2051
Assumption
Assumption + second
$1,851/mo
+$265/mo- Down payment
- $11,855
- Funds due
- $22,848
- Interest + MI left
- $169,479
- First ends
- Aug 2051
New loan
New conventional
$2,056/mo
+$470/mo- Down payment
- $11,855
- Funds due
- $19,718
- Interest + MI left
- $316,402
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $181,945 | $181,945 | $207,945 |
| Second mortgage | — | $26,000 | — |
| First P&I | $864.89 | $864.89 | $1,439.77 |
| Second P&I | — | $264.94 | — |
| Mortgage insurance | $146.06 | $146.06 | $41.59 |
| Taxes, insurance & HOA | $574.75 | $574.75 | $574.75 |
| Total housing payment | $1,585.69 | $1,850.63 | $2,056.11 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$11,855
Closing costs & prepaids$10,994
Usable credit−$0
Total buyer cash needed$22,848
Earnest money paid−$0
Remaining funds due$22,848
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,198.00
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)$212.25
Initial HOA (3 months)$1,062.00
Prepaid interest, first (2 days)$29.51
Prepaid interest, second (2 days)$16.92
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 2.960%
Interest already paid$30,237Through Nov 2026
Assumption only · ends Aug 2051$100,101
Assumption + second · ends Aug 2051, second Dec 2056$169,479
New conventional · ends Dec 2056$316,402