Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,459/mo
Lowest payment- Down payment
- $244,673
- Funds due
- $255,956
- Interest + MI left
- $102,684
- First ends
- Apr 2050
Assumption
Assumption + second
$2,907/mo
+$1,447/mo- Down payment
- $42,673
- Funds due
- $55,463
- Interest + MI left
- $421,659
- First ends
- Apr 2050
New loan
New conventional
$3,053/mo
+$1,594/mo- Down payment
- $42,673
- Funds due
- $52,082
- Interest + MI left
- $559,025
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $180,327 | $180,327 | $382,327 |
| Second mortgage | — | $202,000 | — |
| First P&I | $923.38 | $923.38 | $2,590.02 |
| Second P&I | — | $1,447.15 | — |
| Mortgage insurance | $149.53 | $149.53 | $76.47 |
| Taxes, insurance & HOA | $386.58 | $386.58 | $386.58 |
| Total housing payment | $1,459.50 | $2,906.65 | $3,053.06 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,673
Closing costs & prepaids$12,790
Usable credit−$0
Total buyer cash needed$55,463
Earnest money paid−$0
Remaining funds due$55,463
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,250.00
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)$510.00
Initial HOA (3 months)$199.74
Prepaid interest, first (6 days)$97.52
Prepaid interest, second (6 days)$257.34
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 3.29%
Interest already paid$43,092Through Dec 2026
Assumption only · ends Apr 2050$102,684
Assumption + second · ends Apr 2050, second Jan 2057$421,659
New conventional · ends Jan 2057$559,025