Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$874/mo
Lowest payment- Down payment
- $49,372
- Funds due
- $57,446
- Interest + MI left
- $69,117
- First ends
- Aug 2051
Assumption
Assumption + second
$1,124/mo
+$249/mo- Down payment
- $18,372
- Funds due
- $27,711
- Interest + MI left
- $127,913
- First ends
- Aug 2051
New loan
New conventional
$1,292/mo
+$418/mo- Down payment
- $18,372
- Funds due
- $24,506
- Interest + MI left
- $237,443
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $125,628 | $125,628 | $156,628 |
| Second mortgage | — | $31,000 | — |
| First P&I | $597.18 | $597.18 | $1,084.46 |
| Second P&I | — | $249.43 | — |
| Mortgage insurance | $100.85 | $100.85 | $31.33 |
| Taxes, insurance & HOA | $176.42 | $176.42 | $176.42 |
| Total housing payment | $874.45 | $1,123.88 | $1,292.20 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$18,372
Closing costs & prepaids$9,340
Usable credit−$0
Total buyer cash needed$27,711
Earnest money paid−$0
Remaining funds due$27,711
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,750.00
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)$79.25
Prepaid interest, first (2 days)$20.38
Prepaid interest, second (2 days)$15.29
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$20,878Through Nov 2026
Assumption only · ends Aug 2051$69,117
Assumption + second · ends Aug 2051, second Dec 2056$127,913
New conventional · ends Dec 2056$237,443