Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,044/mo
Lowest payment- Down payment
- $181,081
- Funds due
- $192,787
- Interest + MI left
- $153,684
- First ends
- Aug 2050
Assumption
Assumption + second
$3,042/mo
+$998/mo- Down payment
- $45,081
- Funds due
- $58,067
- Interest + MI left
- $376,935
- First ends
- Aug 2050
New loan
New conventional
$3,354/mo
+$1,310/mo- Down payment
- $45,081
- Funds due
- $54,595
- Interest + MI left
- $614,087
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $268,919 | $268,919 | $404,919 |
| Second mortgage | — | $136,000 | — |
| First P&I | $1,353.94 | $1,353.94 | $2,803.58 |
| Second P&I | — | $997.92 | — |
| Mortgage insurance | $220.64 | $220.64 | $80.98 |
| Taxes, insurance & HOA | $469.25 | $469.25 | $469.25 |
| Total housing payment | $2,043.83 | $3,041.75 | $3,353.81 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,081
Closing costs & prepaids$12,986
Usable credit−$0
Total buyer cash needed$58,067
Earnest money paid−$0
Remaining funds due$58,067
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,500.00
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)$564.75
Initial HOA (3 months)$393.00
Prepaid interest, first (1 days)$23.87
Prepaid interest, second (1 days)$29.81
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 9 moOf the original 30-year loan at 3.240%
Interest already paid$58,970Through Nov 2026
Assumption only · ends Aug 2050$153,684
Assumption + second · ends Aug 2050, second Dec 2056$376,935
New conventional · ends Dec 2056$614,087