Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,174/mo
Lowest payment- Down payment
- $146,902
- Funds due
- $161,026
- Interest + MI left
- $244,991
- First ends
- Jul 2051
Assumption
Assumption + second
$3,874/mo
+$700/mo- Down payment
- $59,902
- Funds due
- $75,383
- Interest + MI left
- $409,999
- First ends
- Jul 2051
New loan
New conventional
$4,404/mo
+$1,231/mo- Down payment
- $59,902
- Funds due
- $71,972
- Interest + MI left
- $782,402
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $448,098 | $448,098 | $535,098 |
| Second mortgage | — | $87,000 | — |
| First P&I | $2,139.87 | $2,139.87 | $3,624.94 |
| Second P&I | — | $700.02 | — |
| Mortgage insurance | $361.36 | $361.36 | $107.02 |
| Taxes, insurance & HOA | $672.42 | $672.42 | $672.42 |
| Total housing payment | $3,173.65 | $3,873.67 | $4,404.38 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$59,902
Closing costs & prepaids$15,481
Usable credit−$0
Total buyer cash needed$75,383
Earnest money paid−$0
Remaining funds due$75,383
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,950.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$1,517.25
Prepaid interest, first (5 days)$181.69
Prepaid interest, second (5 days)$107.26
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 7 moOf the original 30-year loan at 2.96%
Interest already paid$77,030Through Dec 2026
Assumption only · ends Jul 2051$244,991
Assumption + second · ends Jul 2051, second Jan 2057$409,999
New conventional · ends Jan 2057$782,402