Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,243/mo
Lowest payment- Down payment
- $118,200
- Funds due
- $129,882
- Interest + MI left
- $163,230
- First ends
- Jan 2051
Assumption
Assumption + second
$2,847/mo
+$603/mo- Down payment
- $43,200
- Funds due
- $56,225
- Interest + MI left
- $305,478
- First ends
- Jan 2051
New loan
New conventional
$3,174/mo
+$931/mo- Down payment
- $43,200
- Funds due
- $52,902
- Interest + MI left
- $558,178
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $306,800 | $306,800 | $381,800 |
| Second mortgage | — | $75,000 | — |
| First P&I | $1,481.07 | $1,481.07 | $2,586.45 |
| Second P&I | — | $603.47 | — |
| Mortgage insurance | $251.08 | $251.08 | $76.36 |
| Taxes, insurance & HOA | $511.25 | $511.25 | $511.25 |
| Total housing payment | $2,243.40 | $2,846.87 | $3,174.06 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,200
Closing costs & prepaids$13,024
Usable credit−$0
Total buyer cash needed$56,225
Earnest money paid−$0
Remaining funds due$56,225
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,250.00
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)$1,083.75
Prepaid interest, first (5 days)$123.14
Prepaid interest, second (5 days)$92.47
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 2.93%
Interest already paid$57,495Through Dec 2026
Assumption only · ends Jan 2051$163,230
Assumption + second · ends Jan 2051, second Jan 2057$305,478
New conventional · ends Jan 2057$558,178