Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,581/mo
Lowest payment- Down payment
- $215,345
- Funds due
- $226,376
- Interest + MI left
- $126,051
- First ends
- Jul 2050
Assumption
Assumption + second
$2,843/mo
+$1,262/mo- Down payment
- $43,345
- Funds due
- $55,663
- Interest + MI left
- $408,398
- First ends
- Jul 2050
New loan
New conventional
$3,047/mo
+$1,466/mo- Down payment
- $43,345
- Funds due
- $52,200
- Interest + MI left
- $578,729
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $209,655 | $209,655 | $381,655 |
| Second mortgage | — | $172,000 | — |
| First P&I | $1,081.17 | $1,081.17 | $2,642.50 |
| Second P&I | — | $1,262.08 | — |
| Mortgage insurance | $171.61 | $171.61 | $76.33 |
| Taxes, insurance & HOA | $328.58 | $328.58 | $328.58 |
| Total housing payment | $1,581.36 | $2,843.44 | $3,047.42 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,345
Closing costs & prepaids$12,318
Usable credit−$0
Total buyer cash needed$55,663
Earnest money paid−$0
Remaining funds due$55,663
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,250.00
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)$322.75
Initial HOA (3 months)$213.00
Prepaid interest, first (1 days)$19.82
Prepaid interest, second (1 days)$37.70
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 3.450%
Interest already paid$49,550Through Nov 2026
Assumption only · ends Jul 2050$126,051
Assumption + second · ends Jul 2050, second Dec 2056$408,398
New conventional · ends Dec 2056$578,729