Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,366/mo
Lowest payment- Down payment
- $114,676
- Funds due
- $124,435
- Interest + MI left
- $96,006
- First ends
- Jun 2050
Assumption
Assumption + second
$2,066/mo
+$700/mo- Down payment
- $27,676
- Funds due
- $38,707
- Interest + MI left
- $261,014
- First ends
- Jun 2050
New loan
New conventional
$2,168/mo
+$802/mo- Down payment
- $27,676
- Funds due
- $35,394
- Interest + MI left
- $374,932
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $160,224 | $160,224 | $247,224 |
| Second mortgage | — | $87,000 | — |
| First P&I | $828.15 | $828.15 | $1,711.73 |
| Second P&I | — | $700.02 | — |
| Mortgage insurance | $131.45 | $131.45 | $49.44 |
| Taxes, insurance & HOA | $406.75 | $406.75 | $406.75 |
| Total housing payment | $1,366.35 | $2,066.37 | $2,167.92 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$27,676
Closing costs & prepaids$11,031
Usable credit−$0
Total buyer cash needed$38,707
Earnest money paid−$0
Remaining funds due$38,707
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,749.00
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)$215.25
Initial HOA (3 months)$555.00
Prepaid interest, first (1 days)$15.14
Prepaid interest, second (1 days)$21.45
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 7 moOf the original 30-year loan at 3.450%
Interest already paid$38,415Through Nov 2026
Assumption only · ends Jun 2050$96,006
Assumption + second · ends Jun 2050, second Dec 2056$261,014
New conventional · ends Dec 2056$374,932