Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,394/mo
Lowest payment- Down payment
- $162,956
- Funds due
- $173,326
- Interest + MI left
- $93,269
- First ends
- Oct 2050
Assumption
Assumption + second
$2,340/mo
+$947/mo- Down payment
- $33,956
- Funds due
- $45,604
- Interest + MI left
- $305,030
- First ends
- Oct 2050
New loan
New conventional
$2,555/mo
+$1,161/mo- Down payment
- $33,956
- Funds due
- $42,233
- Interest + MI left
- $456,493
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $172,044 | $172,044 | $301,044 |
| Second mortgage | — | $129,000 | — |
| First P&I | $842.51 | $842.51 | $2,084.37 |
| Second P&I | — | $946.56 | — |
| Mortgage insurance | $141.19 | $141.19 | $60.21 |
| Taxes, insurance & HOA | $410.17 | $410.17 | $410.17 |
| Total housing payment | $1,393.86 | $2,340.42 | $2,554.74 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,956
Closing costs & prepaids$11,648
Usable credit−$0
Total buyer cash needed$45,604
Earnest money paid−$0
Remaining funds due$45,604
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)$309.50
Initial HOA (3 months)$471.00
Prepaid interest, first (1 days)$14.23
Prepaid interest, second (1 days)$28.27
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$34,224Through Nov 2026
Assumption only · ends Oct 2050$93,269
Assumption + second · ends Oct 2050, second Dec 2056$305,030
New conventional · ends Dec 2056$456,493