Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,660/mo
Lowest payment- Down payment
- $167,205
- Funds due
- $177,845
- Interest + MI left
- $134,840
- First ends
- Mar 2050
Assumption
Assumption + second
$2,606/mo
+$947/mo- Down payment
- $38,205
- Funds due
- $50,123
- Interest + MI left
- $346,601
- First ends
- Mar 2050
New loan
New conventional
$2,779/mo
+$1,119/mo- Down payment
- $38,205
- Funds due
- $46,710
- Interest + MI left
- $516,839
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $211,795 | $211,795 | $340,795 |
| Second mortgage | — | $129,000 | — |
| First P&I | $1,134.97 | $1,134.97 | $2,359.60 |
| Second P&I | — | $946.56 | — |
| Mortgage insurance | $173.81 | $173.81 | $68.16 |
| Taxes, insurance & HOA | $350.92 | $350.92 | $350.92 |
| Total housing payment | $1,659.69 | $2,606.25 | $2,778.67 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,205
Closing costs & prepaids$11,918
Usable credit−$0
Total buyer cash needed$50,123
Earnest money paid−$0
Remaining funds due$50,123
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,790.00
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)$257.75
Initial HOA (3 months)$345.00
Prepaid interest, first (1 days)$21.70
Prepaid interest, second (1 days)$28.27
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 4 moOf the original 30-year loan at 3.740%
Interest already paid$57,219Through Nov 2026
Assumption only · ends Mar 2050$134,840
Assumption + second · ends Mar 2050, second Dec 2056$346,601
New conventional · ends Dec 2056$516,839