Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,522/mo
Lowest payment- Down payment
- $127,622
- Funds due
- $137,794
- Interest + MI left
- $111,667
- First ends
- Dec 2050
Assumption
Assumption + second
$2,270/mo
+$748/mo- Down payment
- $34,622
- Funds due
- $46,067
- Interest + MI left
- $288,054
- First ends
- Dec 2050
New loan
New conventional
$2,502/mo
+$980/mo- Down payment
- $34,622
- Funds due
- $42,693
- Interest + MI left
- $462,914
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $212,278 | $212,278 | $305,278 |
| Second mortgage | — | $93,000 | — |
| First P&I | $1,020.41 | $1,020.41 | $2,113.68 |
| Second P&I | — | $748.30 | — |
| Mortgage insurance | $173.88 | $173.88 | $61.06 |
| Taxes, insurance & HOA | $327.25 | $327.25 | $327.25 |
| Total housing payment | $1,521.54 | $2,269.83 | $2,501.99 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,622
Closing costs & prepaids$11,445
Usable credit−$0
Total buyer cash needed$46,067
Earnest money paid−$0
Remaining funds due$46,067
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,399.00
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)$321.75
Initial HOA (3 months)$210.00
Prepaid interest, first (1 days)$16.81
Prepaid interest, second (1 days)$22.93
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 closing24 yr 1 moOf the original 30-year loan at 2.890%
Interest already paid$39,256Through Nov 2026
Assumption only · ends Dec 2050$111,667
Assumption + second · ends Dec 2050, second Dec 2056$288,054
New conventional · ends Dec 2056$462,914