Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$787/mo
Lowest payment- Down payment
- $212,763
- Funds due
- $222,355
- Interest + MI left
- $56,744
- First ends
- Sep 2051
Assumption
Assumption + second
$2,115/mo
+$1,328/mo- Down payment
- $31,763
- Funds due
- $42,645
- Interest + MI left
- $353,865
- First ends
- Sep 2051
New loan
New conventional
$2,237/mo
+$1,450/mo- Down payment
- $31,763
- Funds due
- $39,286
- Interest + MI left
- $429,548
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $102,237 | $102,237 | $283,237 |
| Second mortgage | — | $181,000 | — |
| First P&I | $485.94 | $485.94 | $1,961.08 |
| Second P&I | — | $1,328.11 | — |
| Mortgage insurance | $81.85 | $81.85 | $56.65 |
| Taxes, insurance & HOA | $219.50 | $219.50 | $219.50 |
| Total housing payment | $787.30 | $2,115.41 | $2,237.22 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$31,763
Closing costs & prepaids$10,882
Usable credit−$0
Total buyer cash needed$42,645
Earnest money paid−$0
Remaining funds due$42,645
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,150.00
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)$208.50
Prepaid interest, first (1 days)$8.35
Prepaid interest, second (1 days)$39.67
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 10 moOf the original 30-year loan at 2.980%
Interest already paid$16,809Through Nov 2026
Assumption only · ends Sep 2051$56,744
Assumption + second · ends Sep 2051, second Dec 2056$353,865
New conventional · ends Dec 2056$429,548