Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,698/mo
Lowest payment- Down payment
- $231,451
- Funds due
- $243,189
- Interest + MI left
- $123,663
- First ends
- Jul 2050
Assumption
Assumption + second
$3,055/mo
+$1,357/mo- Down payment
- $46,451
- Funds due
- $59,479
- Interest + MI left
- $427,350
- First ends
- Jul 2050
New loan
New conventional
$3,308/mo
+$1,611/mo- Down payment
- $46,451
- Funds due
- $55,988
- Interest + MI left
- $619,510
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $223,549 | $223,549 | $408,549 |
| Second mortgage | — | $185,000 | — |
| First P&I | $1,115.34 | $1,115.34 | $2,828.71 |
| Second P&I | — | $1,357.46 | — |
| Mortgage insurance | $184.31 | $184.31 | $81.71 |
| Taxes, insurance & HOA | $397.92 | $397.92 | $397.92 |
| Total housing payment | $1,697.57 | $3,055.03 | $3,308.34 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$46,451
Closing costs & prepaids$13,028
Usable credit−$0
Total buyer cash needed$59,479
Earnest money paid−$0
Remaining funds due$59,479
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,550.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$378.75
Initial HOA (3 months)$315.00
Prepaid interest, first (1 days)$19.17
Prepaid interest, second (1 days)$40.55
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 closing23 yr 8 moOf the original 30-year loan at 3.130%
Interest already paid$48,115Through Nov 2026
Assumption only · ends Jul 2050$123,663
Assumption + second · ends Jul 2050, second Dec 2056$427,350
New conventional · ends Dec 2056$619,510