Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,147/mo
Lowest payment- Down payment
- $146,352
- Funds due
- $158,397
- Interest + MI left
- $147,208
- First ends
- Nov 2051
Assumption
Assumption + second
$2,910/mo
+$763/mo- Down payment
- $42,352
- Funds due
- $55,784
- Interest + MI left
- $317,929
- First ends
- Nov 2051
New loan
New conventional
$3,281/mo
+$1,134/mo- Down payment
- $42,352
- Funds due
- $52,490
- Interest + MI left
- $552,184
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $273,648 | $273,648 | $377,648 |
| Second mortgage | — | $104,000 | — |
| First P&I | $1,280.76 | $1,280.76 | $2,558.32 |
| Second P&I | — | $763.12 | — |
| Mortgage insurance | $219.08 | $219.08 | $75.53 |
| Taxes, insurance & HOA | $647.00 | $647.00 | $647.00 |
| Total housing payment | $2,146.84 | $2,909.96 | $3,280.85 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,352
Closing costs & prepaids$13,431
Usable credit−$0
Total buyer cash needed$55,784
Earnest money paid−$0
Remaining funds due$55,784
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,200.00
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)$1,491.00
Prepaid interest, first (6 days)$128.65
Prepaid interest, second (6 days)$136.77
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 11 moOf the original 30-year loan at 2.86%
Interest already paid$42,480Through Dec 2026
Assumption only · ends Nov 2051$147,208
Assumption + second · ends Nov 2051, second Jan 2057$317,929
New conventional · ends Jan 2057$552,184