Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,142/mo
Lowest payment- Down payment
- $169,825
- Funds due
- $182,114
- Interest + MI left
- $128,357
- First ends
- Apr 2051
Assumption
Assumption + second
$3,081/mo
+$939/mo- Down payment
- $41,825
- Funds due
- $55,392
- Interest + MI left
- $338,476
- First ends
- Apr 2051
New loan
New conventional
$3,451/mo
+$1,309/mo- Down payment
- $41,825
- Funds due
- $51,952
- Interest + MI left
- $570,343
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $248,075 | $248,075 | $376,075 |
| Second mortgage | — | $128,000 | — |
| First P&I | $1,168.50 | $1,168.50 | $2,603.87 |
| Second P&I | — | $939.22 | — |
| Mortgage insurance | $201.70 | $201.70 | $75.22 |
| Taxes, insurance & HOA | $771.75 | $771.75 | $771.75 |
| Total housing payment | $2,141.94 | $3,081.16 | $3,450.83 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$41,825
Closing costs & prepaids$13,566
Usable credit−$0
Total buyer cash needed$55,392
Earnest money paid−$0
Remaining funds due$55,392
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,179.00
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)$1,865.25
Prepaid interest, first (1 days)$18.96
Prepaid interest, second (1 days)$28.05
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 5 moOf the original 30-year loan at 2.790%
Interest already paid$41,617Through Nov 2026
Assumption only · ends Apr 2051$128,357
Assumption + second · ends Apr 2051, second Dec 2056$338,476
New conventional · ends Dec 2056$570,343