Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,825/mo
Lowest payment- Down payment
- $45,615
- Funds due
- $55,702
- Interest + MI left
- $130,722
- First ends
- Jan 2051
Assumption
Assumption + second
$2,131/mo
+$306/mo- Down payment
- $15,615
- Funds due
- $27,001
- Interest + MI left
- $210,774
- First ends
- Jan 2051
New loan
New conventional
$2,388/mo
+$562/mo- Down payment
- $15,615
- Funds due
- $23,927
- Interest + MI left
- $417,150
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $254,285 | $254,285 | $284,285 |
| Second mortgage | — | $30,000 | — |
| First P&I | $1,211.92 | $1,211.92 | $1,925.85 |
| Second P&I | — | $305.70 | — |
| Mortgage insurance | $208.65 | $208.65 | $56.86 |
| Taxes, insurance & HOA | $404.92 | $404.92 | $404.92 |
| Total housing payment | $1,825.49 | $2,131.19 | $2,387.62 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$15,615
Closing costs & prepaids$11,385
Usable credit−$0
Total buyer cash needed$27,001
Earnest money paid−$0
Remaining funds due$27,001
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
Prepaid interest, first (5 days)$97.88
Prepaid interest, second (5 days)$48.80
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 2.81%
Interest already paid$45,765Through Dec 2026
Assumption only · ends Jan 2051$130,722
Assumption + second · ends Jan 2051, second Jan 2057$210,774
New conventional · ends Jan 2057$417,150