Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,550/mo
Lowest payment- Down payment
- $128,131
- Funds due
- $138,524
- Interest + MI left
- $111,053
- First ends
- Dec 2050
Assumption
Assumption + second
$2,307/mo
+$756/mo- Down payment
- $34,131
- Funds due
- $45,982
- Interest + MI left
- $289,338
- First ends
- Dec 2050
New loan
New conventional
$2,489/mo
+$938/mo- Down payment
- $34,131
- Funds due
- $42,773
- Interest + MI left
- $447,085
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $211,769 | $211,769 | $305,769 |
| Second mortgage | — | $94,000 | — |
| First P&I | $1,020.41 | $1,020.41 | $2,071.39 |
| Second P&I | — | $756.35 | — |
| Mortgage insurance | $173.88 | $173.88 | $61.15 |
| Taxes, insurance & HOA | $356.00 | $356.00 | $356.00 |
| Total housing payment | $1,550.29 | $2,306.63 | $2,488.54 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,131
Closing costs & prepaids$11,852
Usable credit−$0
Total buyer cash needed$45,982
Earnest money paid−$0
Remaining funds due$45,982
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,399.00
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)$408.00
Initial HOA (3 months)$210.00
Prepaid interest, first (9 days)$150.91
Prepaid interest, second (9 days)$208.60
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 closing24 yrOf the original 30-year loan at 2.89%
Interest already paid$39,768Through Dec 2026
Assumption only · ends Dec 2050$111,053
Assumption + second · ends Dec 2050, second Jan 2057$289,338
New conventional · ends Jan 2057$447,085