Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,415/mo
Lowest payment- Down payment
- $102,844
- Funds due
- $112,601
- Interest + MI left
- $107,584
- First ends
- Jun 2050
Assumption
Assumption + second
$2,010/mo
+$595/mo- Down payment
- $28,844
- Funds due
- $40,015
- Interest + MI left
- $247,936
- First ends
- Jun 2050
New loan
New conventional
$2,106/mo
+$691/mo- Down payment
- $28,844
- Funds due
- $36,810
- Interest + MI left
- $371,567
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $180,156 | $180,156 | $254,156 |
| Second mortgage | — | $74,000 | — |
| First P&I | $933.31 | $933.31 | $1,721.74 |
| Second P&I | — | $595.42 | — |
| Mortgage insurance | $148.14 | $148.14 | $50.83 |
| Taxes, insurance & HOA | $333.17 | $333.17 | $333.17 |
| Total housing payment | $1,414.62 | $2,010.04 | $2,105.74 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,844
Closing costs & prepaids$11,172
Usable credit−$0
Total buyer cash needed$40,015
Earnest money paid−$0
Remaining funds due$40,015
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,830.00
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)$339.50
Initial HOA (3 months)$210.00
Prepaid interest, first (9 days)$153.26
Prepaid interest, second (9 days)$164.22
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 6 moOf the original 30-year loan at 3.45%
Interest already paid$43,813Through Dec 2026
Assumption only · ends Jun 2050$107,584
Assumption + second · ends Jun 2050, second Jan 2057$247,936
New conventional · ends Jan 2057$371,567