Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,168/mo
Lowest payment- Down payment
- $170,103
- Funds due
- $181,559
- Interest + MI left
- $182,279
- First ends
- Jul 2049
Assumption
Assumption + second
$3,093/mo
+$925/mo- Down payment
- $44,103
- Funds due
- $56,837
- Interest + MI left
- $389,115
- First ends
- Jul 2049
New loan
New conventional
$3,233/mo
+$1,065/mo- Down payment
- $44,103
- Funds due
- $53,368
- Interest + MI left
- $598,888
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $268,897 | $268,897 | $394,897 |
| Second mortgage | — | $126,000 | — |
| First P&I | $1,525.53 | $1,525.53 | $2,734.19 |
| Second P&I | — | $924.54 | — |
| Mortgage insurance | $222.56 | $222.56 | $78.98 |
| Taxes, insurance & HOA | $420.25 | $420.25 | $420.25 |
| Total housing payment | $2,168.34 | $3,092.88 | $3,233.42 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$44,103
Closing costs & prepaids$12,734
Usable credit−$0
Total buyer cash needed$56,837
Earnest money paid−$0
Remaining funds due$56,837
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,390.00
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)$549.75
Initial HOA (3 months)$261.00
Prepaid interest, first (1 days)$30.50
Prepaid interest, second (1 days)$27.62
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 closing22 yr 8 moOf the original 30-year loan at 4.140%
Interest already paid$88,940Through Nov 2026
Assumption only · ends Jul 2049$182,279
Assumption + second · ends Jul 2049, second Dec 2056$389,115
New conventional · ends Dec 2056$598,888