Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,493/mo
Lowest payment- Down payment
- $139,326
- Funds due
- $149,590
- Interest + MI left
- $106,079
- First ends
- Oct 2050
Assumption
Assumption + second
$2,263/mo
+$770/mo- Down payment
- $34,326
- Funds due
- $45,863
- Interest + MI left
- $278,442
- First ends
- Oct 2050
New loan
New conventional
$2,516/mo
+$1,023/mo- Down payment
- $34,326
- Funds due
- $42,491
- Interest + MI left
- $455,932
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $195,674 | $195,674 | $300,674 |
| Second mortgage | — | $105,000 | — |
| First P&I | $958.22 | $958.22 | $2,081.81 |
| Second P&I | — | $770.45 | — |
| Mortgage insurance | $160.58 | $160.58 | $60.13 |
| Taxes, insurance & HOA | $374.17 | $374.17 | $374.17 |
| Total housing payment | $1,492.96 | $2,263.42 | $2,516.11 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,326
Closing costs & prepaids$11,537
Usable credit−$0
Total buyer cash needed$45,863
Earnest money paid−$0
Remaining funds due$45,863
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,350.00
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)$477.50
Initial HOA (3 months)$195.00
Prepaid interest, first (1 days)$16.19
Prepaid interest, second (1 days)$23.01
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 11 moOf the original 30-year loan at 3.020%
Interest already paid$38,925Through Nov 2026
Assumption only · ends Oct 2050$106,079
Assumption + second · ends Oct 2050, second Dec 2056$278,442
New conventional · ends Dec 2056$455,932