Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,457/mo
Lowest payment- Down payment
- $59,502
- Funds due
- $68,960
- Interest + MI left
- $112,715
- First ends
- Dec 2051
Assumption
Assumption + second
$1,722/mo
+$266/mo- Down payment
- $26,502
- Funds due
- $37,227
- Interest + MI left
- $175,304
- First ends
- Dec 2051
New loan
New conventional
$2,010/mo
+$553/mo- Down payment
- $26,502
- Funds due
- $33,957
- Interest + MI left
- $352,552
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $199,498 | $199,498 | $232,498 |
| Second mortgage | — | $33,000 | — |
| First P&I | $944.97 | $944.97 | $1,609.77 |
| Second P&I | — | $265.53 | — |
| Mortgage insurance | $158.56 | $158.56 | $46.50 |
| Taxes, insurance & HOA | $353.42 | $353.42 | $353.42 |
| Total housing payment | $1,456.95 | $1,722.47 | $2,009.69 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$26,502
Closing costs & prepaids$10,724
Usable credit−$0
Total buyer cash needed$37,227
Earnest money paid−$0
Remaining funds due$37,227
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,590.00
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)$610.25
Prepaid interest, first (2 days)$32.90
Prepaid interest, second (2 days)$16.27
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 closing25 yr 1 moOf the original 30-year loan at 3.010%
Interest already paid$31,401Through Nov 2026
Assumption only · ends Dec 2051$112,715
Assumption + second · ends Dec 2051, second Dec 2056$175,304
New conventional · ends Dec 2056$352,552