Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,529/mo
Lowest payment- Down payment
- $62,225
- Funds due
- $72,137
- Interest + MI left
- $86,750
- First ends
- Jan 2051
Assumption
Assumption + second
$1,843/mo
+$314/mo- Down payment
- $23,225
- Funds due
- $34,435
- Interest + MI left
- $160,719
- First ends
- Jan 2051
New loan
New conventional
$2,033/mo
+$503/mo- Down payment
- $23,225
- Funds due
- $31,243
- Interest + MI left
- $302,339
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $167,775 | $167,775 | $206,775 |
| Second mortgage | — | $39,000 | — |
| First P&I | $801.33 | $801.33 | $1,400.77 |
| Second P&I | — | $313.80 | — |
| Mortgage insurance | $137.61 | $137.61 | $41.36 |
| Taxes, insurance & HOA | $590.50 | $590.50 | $590.50 |
| Total housing payment | $1,529.43 | $1,843.24 | $2,032.62 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$23,225
Closing costs & prepaids$11,210
Usable credit−$0
Total buyer cash needed$34,435
Earnest money paid−$0
Remaining funds due$34,435
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,300.00
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)$586.50
Initial HOA (3 months)$735.00
Prepaid interest, first (5 days)$65.04
Prepaid interest, second (5 days)$48.08
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 5 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 1 moOf the original 30-year loan at 2.83%
Interest already paid$30,403Through Dec 2026
Assumption only · ends Jan 2051$86,750
Assumption + second · ends Jan 2051, second Jan 2057$160,719
New conventional · ends Jan 2057$302,339