Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$917/mo
Lowest payment- Down payment
- $155,233
- Funds due
- $164,569
- Interest + MI left
- $40,110
- First ends
- Mar 2047
Assumption
Assumption + second
$1,886/mo
+$969/mo- Down payment
- $23,233
- Funds due
- $33,848
- Interest + MI left
- $256,795
- First ends
- Mar 2047
New loan
New conventional
$1,891/mo
+$974/mo- Down payment
- $23,233
- Funds due
- $30,572
- Interest + MI left
- $313,535
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $74,767 | $74,767 | $206,767 |
| Second mortgage | — | $132,000 | — |
| First P&I | $431.41 | $431.41 | $1,431.61 |
| Second P&I | — | $968.57 | — |
| Mortgage insurance | $67.46 | $67.46 | $41.35 |
| Taxes, insurance & HOA | $418.08 | $418.08 | $418.08 |
| Total housing payment | $916.96 | $1,885.53 | $1,891.05 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$23,233
Closing costs & prepaids$10,615
Usable credit−$0
Total buyer cash needed$33,848
Earnest money paid−$0
Remaining funds due$33,848
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,300.00
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)$123.25
Initial HOA (3 months)$681.00
Prepaid interest, first (1 days)$7.31
Prepaid interest, second (1 days)$28.93
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 closing20 yr 4 moOf the original 30-year loan at 3.570%
Interest already paid$29,568Through Nov 2026
Assumption only · ends Mar 2047$40,110
Assumption + second · ends Mar 2047, second Dec 2056$256,795
New conventional · ends Dec 2056$313,535