Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,941/mo
Lowest payment- Down payment
- $92,082
- Funds due
- $103,282
- Interest + MI left
- $116,282
- First ends
- Sep 2051
Assumption
Assumption + second
$2,440/mo
+$499/mo- Down payment
- $30,082
- Funds due
- $42,608
- Interest + MI left
- $233,874
- First ends
- Sep 2051
New loan
New conventional
$2,662/mo
+$721/mo- Down payment
- $30,082
- Funds due
- $39,360
- Interest + MI left
- $394,519
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $207,818 | $207,818 | $269,818 |
| Second mortgage | — | $62,000 | — |
| First P&I | $994.35 | $994.35 | $1,827.84 |
| Second P&I | — | $498.87 | — |
| Mortgage insurance | $166.63 | $166.63 | $53.96 |
| Taxes, insurance & HOA | $779.92 | $779.92 | $779.92 |
| Total housing payment | $1,940.90 | $2,439.76 | $2,661.72 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,082
Closing costs & prepaids$12,526
Usable credit−$0
Total buyer cash needed$42,608
Earnest money paid−$0
Remaining funds due$42,608
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,999.00
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)$764.75
Initial HOA (3 months)$1,125.00
Prepaid interest, first (5 days)$85.97
Prepaid interest, second (5 days)$76.44
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 9 moOf the original 30-year loan at 3.02%
Interest already paid$35,216Through Dec 2026
Assumption only · ends Sep 2051$116,282
Assumption + second · ends Sep 2051, second Jan 2057$233,874
New conventional · ends Jan 2057$394,519