Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,336/mo
Lowest payment- Down payment
- $177,498
- Funds due
- $187,654
- Interest + MI left
- $63,895
- First ends
- Jul 2045
Assumption
Assumption + second
$2,415/mo
+$1,079/mo- Down payment
- $30,498
- Funds due
- $41,937
- Interest + MI left
- $305,203
- First ends
- Jul 2045
New loan
New conventional
$2,376/mo
+$1,039/mo- Down payment
- $30,498
- Funds due
- $38,591
- Interest + MI left
- $408,512
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $122,402 | $122,402 | $269,402 |
| Second mortgage | — | $147,000 | — |
| First P&I | $763.79 | $763.79 | $1,865.29 |
| Second P&I | — | $1,078.63 | — |
| Mortgage insurance | $116.11 | $116.11 | $53.88 |
| Taxes, insurance & HOA | $456.58 | $456.58 | $456.58 |
| Total housing payment | $1,336.49 | $2,415.12 | $2,375.75 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,498
Closing costs & prepaids$11,439
Usable credit−$0
Total buyer cash needed$41,937
Earnest money paid−$0
Remaining funds due$41,937
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,999.00
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)$304.75
Initial HOA (3 months)$615.00
Prepaid interest, first (1 days)$12.74
Prepaid interest, second (1 days)$32.22
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 closing18 yr 8 moOf the original 30-year loan at 3.800%
Interest already paid$62,359Through Nov 2026
Assumption only · ends Jul 2045$63,895
Assumption + second · ends Jul 2045, second Dec 2056$305,203
New conventional · ends Dec 2056$408,512