Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,906/mo
Lowest payment- Down payment
- $50,192
- Funds due
- $60,781
- Interest + MI left
- $110,447
- First ends
- Jan 2051
Assumption
Assumption + second
$2,273/mo
+$367/mo- Down payment
- $14,192
- Funds due
- $26,055
- Interest + MI left
- $206,509
- First ends
- Jan 2051
New loan
New conventional
$2,497/mo
+$591/mo- Down payment
- $14,192
- Funds due
- $22,908
- Interest + MI left
- $381,621
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $214,808 | $214,808 | $250,808 |
| Second mortgage | — | $36,000 | — |
| First P&I | $1,020.21 | $1,020.21 | $1,736.54 |
| Second P&I | — | $366.84 | — |
| Mortgage insurance | $175.87 | $175.87 | $50.16 |
| Taxes, insurance & HOA | $710.33 | $710.33 | $710.33 |
| Total housing payment | $1,906.41 | $2,273.25 | $2,497.04 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$14,192
Closing costs & prepaids$11,862
Usable credit−$0
Total buyer cash needed$26,055
Earnest money paid−$0
Remaining funds due$26,055
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,650.00
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)$1,246.00
Initial HOA (3 months)$435.00
Prepaid interest, first (2 days)$32.96
Prepaid interest, second (2 days)$23.42
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 2 moOf the original 30-year loan at 2.800%
Interest already paid$37,933Through Nov 2026
Assumption only · ends Jan 2051$110,447
Assumption + second · ends Jan 2051, second Dec 2056$206,509
New conventional · ends Dec 2056$381,621