Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,960/mo
Lowest payment- Down payment
- $105,968
- Funds due
- $116,981
- Interest + MI left
- $139,534
- First ends
- Apr 2051
Assumption
Assumption + second
$2,507/mo
+$547/mo- Down payment
- $37,968
- Funds due
- $50,298
- Interest + MI left
- $268,506
- First ends
- Apr 2051
New loan
New conventional
$2,803/mo
+$842/mo- Down payment
- $37,968
- Funds due
- $46,981
- Interest + MI left
- $486,848
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $268,932 | $268,932 | $336,932 |
| Second mortgage | — | $68,000 | — |
| First P&I | $1,272.52 | $1,272.52 | $2,266.56 |
| Second P&I | — | $547.14 | — |
| Mortgage insurance | $219.08 | $219.08 | $67.39 |
| Taxes, insurance & HOA | $468.67 | $468.67 | $468.67 |
| Total housing payment | $1,960.27 | $2,507.41 | $2,802.62 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,968
Closing costs & prepaids$12,330
Usable credit−$0
Total buyer cash needed$50,298
Earnest money paid−$0
Remaining funds due$50,298
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,749.00
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)$956.00
Prepaid interest, first (4 days)$82.82
Prepaid interest, second (4 days)$67.07
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 4 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 4 moOf the original 30-year loan at 2.81%
Interest already paid$46,169Through Dec 2026
Assumption only · ends Apr 2051$139,534
Assumption + second · ends Apr 2051, second Jan 2057$268,506
New conventional · ends Jan 2057$486,848