Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,340/mo
Lowest payment- Down payment
- $152,345
- Funds due
- $162,554
- Interest + MI left
- $94,054
- First ends
- Oct 2050
Assumption
Assumption + second
$2,221/mo
+$881/mo- Down payment
- $32,345
- Funds due
- $44,040
- Interest + MI left
- $291,040
- First ends
- Oct 2050
New loan
New conventional
$2,374/mo
+$1,033/mo- Down payment
- $32,345
- Funds due
- $40,809
- Interest + MI left
- $420,453
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $167,555 | $167,555 | $287,555 |
| Second mortgage | — | $120,000 | — |
| First P&I | $834.64 | $834.64 | $1,948.00 |
| Second P&I | — | $880.52 | — |
| Mortgage insurance | $137.40 | $137.40 | $57.51 |
| Taxes, insurance & HOA | $368.00 | $368.00 | $368.00 |
| Total housing payment | $1,340.04 | $2,220.56 | $2,373.51 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,345
Closing costs & prepaids$11,695
Usable credit−$0
Total buyer cash needed$44,040
Earnest money paid−$0
Remaining funds due$44,040
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,199.00
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)$384.00
Initial HOA (3 months)$270.00
Prepaid interest, first (9 days)$130.56
Prepaid interest, second (9 days)$236.71
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 10 moOf the original 30-year loan at 3.16%
Interest already paid$35,343Through Dec 2026
Assumption only · ends Oct 2050$94,054
Assumption + second · ends Oct 2050, second Jan 2057$291,040
New conventional · ends Jan 2057$420,453