Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,911/mo
Lowest payment- Down payment
- $129,327
- Funds due
- $140,745
- Interest + MI left
- $120,457
- First ends
- Nov 2051
Assumption
Assumption + second
$2,668/mo
+$756/mo- Down payment
- $35,327
- Funds due
- $48,041
- Interest + MI left
- $298,741
- First ends
- Nov 2051
New loan
New conventional
$2,925/mo
+$1,014/mo- Down payment
- $35,327
- Funds due
- $44,682
- Interest + MI left
- $469,578
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $215,673 | $215,673 | $309,673 |
| Second mortgage | — | $94,000 | — |
| First P&I | $1,020.50 | $1,020.50 | $2,144.11 |
| Second P&I | — | $756.35 | — |
| Mortgage insurance | $171.89 | $171.89 | $61.93 |
| Taxes, insurance & HOA | $719.08 | $719.08 | $719.08 |
| Total housing payment | $1,911.48 | $2,667.83 | $2,925.13 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,327
Closing costs & prepaids$12,714
Usable credit−$0
Total buyer cash needed$48,041
Earnest money paid−$0
Remaining funds due$48,041
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,450.00
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)$1,143.25
Initial HOA (3 months)$564.00
Prepaid interest, first (2 days)$35.22
Prepaid interest, second (2 days)$46.36
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 yrOf the original 30-year loan at 2.980%
Interest already paid$34,230Through Nov 2026
Assumption only · ends Nov 2051$120,457
Assumption + second · ends Nov 2051, second Dec 2056$298,741
New conventional · ends Dec 2056$469,578