Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,846/mo
Lowest payment- Down payment
- $70,006
- Funds due
- $80,812
- Interest + MI left
- $103,915
- First ends
- Dec 2051
Assumption
Assumption + second
$2,192/mo
+$346/mo- Down payment
- $27,006
- Funds due
- $39,072
- Interest + MI left
- $185,470
- First ends
- Dec 2051
New loan
New conventional
$2,473/mo
+$627/mo- Down payment
- $27,006
- Funds due
- $35,774
- Interest + MI left
- $356,290
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $191,994 | $191,994 | $234,994 |
| Second mortgage | — | $43,000 | — |
| First P&I | $894.50 | $894.50 | $1,627.05 |
| Second P&I | — | $345.99 | — |
| Mortgage insurance | $153.01 | $153.01 | $47.00 |
| Taxes, insurance & HOA | $798.58 | $798.58 | $798.58 |
| Total housing payment | $1,846.09 | $2,192.08 | $2,472.63 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$27,006
Closing costs & prepaids$12,066
Usable credit−$0
Total buyer cash needed$39,072
Earnest money paid−$0
Remaining funds due$39,072
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,620.00
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)$904.75
Initial HOA (3 months)$1,041.00
Prepaid interest, first (1 days)$15.04
Prepaid interest, second (1 days)$10.60
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 closing25 yr 1 moOf the original 30-year loan at 2.860%
Interest already paid$28,755Through Nov 2026
Assumption only · ends Dec 2051$103,915
Assumption + second · ends Dec 2051, second Dec 2056$185,470
New conventional · ends Dec 2056$356,290