Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,012/mo
Lowest payment- Down payment
- $166,839
- Funds due
- $176,340
- Interest + MI left
- $47,374
- First ends
- Jan 2046
Assumption
Assumption + second
$2,047/mo
+$1,035/mo- Down payment
- $25,839
- Funds due
- $36,621
- Interest + MI left
- $278,833
- First ends
- Jan 2046
New loan
New conventional
$2,021/mo
+$1,009/mo- Down payment
- $25,839
- Funds due
- $33,319
- Interest + MI left
- $347,492
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $88,161 | $88,161 | $229,161 |
| Second mortgage | — | $141,000 | — |
| First P&I | $541.19 | $541.19 | $1,586.66 |
| Second P&I | — | $1,034.61 | — |
| Mortgage insurance | $82.07 | $82.07 | $45.83 |
| Taxes, insurance & HOA | $388.92 | $388.92 | $388.92 |
| Total housing payment | $1,012.17 | $2,046.78 | $2,021.41 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,839
Closing costs & prepaids$10,782
Usable credit−$0
Total buyer cash needed$36,621
Earnest money paid−$0
Remaining funds due$36,621
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,550.00
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)$131.75
Initial HOA (3 months)$585.00
Prepaid interest, first (1 days)$9.23
Prepaid interest, second (1 days)$30.90
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 closing19 yr 2 moOf the original 30-year loan at 3.820%
Interest already paid$42,653Through Nov 2026
Assumption only · ends Jan 2046$47,374
Assumption + second · ends Jan 2046, second Dec 2056$278,833
New conventional · ends Dec 2056$347,492