Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,237/mo
Lowest payment- Down payment
- $89,015
- Funds due
- $100,104
- Interest + MI left
- $192,863
- First ends
- Sep 2051
Assumption
Assumption + second
$2,599/mo
+$362/mo- Down payment
- $44,015
- Funds due
- $56,365
- Interest + MI left
- $278,212
- First ends
- Sep 2051
New loan
New conventional
$3,103/mo
+$866/mo- Down payment
- $44,015
- Funds due
- $52,915
- Interest + MI left
- $595,230
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $347,485 | $347,485 | $392,485 |
| Second mortgage | — | $45,000 | — |
| First P&I | $1,651.64 | $1,651.64 | $2,717.49 |
| Second P&I | — | $362.08 | — |
| Mortgage insurance | $278.20 | $278.20 | $78.50 |
| Taxes, insurance & HOA | $306.92 | $306.92 | $306.92 |
| Total housing payment | $2,236.76 | $2,598.84 | $3,102.90 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$44,015
Closing costs & prepaids$12,350
Usable credit−$0
Total buyer cash needed$56,365
Earnest money paid−$0
Remaining funds due$56,365
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,365.00
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)$470.75
Prepaid interest, first (1 days)$28.37
Prepaid interest, second (1 days)$11.10
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 10 moOf the original 30-year loan at 2.980%
Interest already paid$57,132Through Nov 2026
Assumption only · ends Sep 2051$192,863
Assumption + second · ends Sep 2051, second Dec 2056$278,212
New conventional · ends Dec 2056$595,230