Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,571/mo
Lowest payment- Down payment
- $137,721
- Funds due
- $148,179
- Interest + MI left
- $105,123
- First ends
- Feb 2050
Assumption
Assumption + second
$2,356/mo
+$785/mo- Down payment
- $30,721
- Funds due
- $42,452
- Interest + MI left
- $280,769
- First ends
- Feb 2050
New loan
New conventional
$2,492/mo
+$921/mo- Down payment
- $30,721
- Funds due
- $39,110
- Interest + MI left
- $415,963
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $167,279 | $167,279 | $274,279 |
| Second mortgage | — | $107,000 | — |
| First P&I | $894.85 | $894.85 | $1,899.05 |
| Second P&I | — | $785.13 | — |
| Mortgage insurance | $137.71 | $137.71 | $54.86 |
| Taxes, insurance & HOA | $538.50 | $538.50 | $538.50 |
| Total housing payment | $1,571.06 | $2,356.19 | $2,492.41 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,721
Closing costs & prepaids$11,731
Usable credit−$0
Total buyer cash needed$42,452
Earnest money paid−$0
Remaining funds due$42,452
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,050.00
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)$289.50
Initial HOA (3 months)$876.00
Prepaid interest, first (1 days)$16.96
Prepaid interest, second (1 days)$23.45
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 3 moOf the original 30-year loan at 3.700%
Interest already paid$45,349Through Nov 2026
Assumption only · ends Feb 2050$105,123
Assumption + second · ends Feb 2050, second Dec 2056$280,769
New conventional · ends Dec 2056$415,963