Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,923/mo
Lowest payment- Down payment
- $75,435
- Funds due
- $86,145
- Interest + MI left
- $130,211
- First ends
- Aug 2050
Assumption
Assumption + second
$2,285/mo
+$362/mo- Down payment
- $30,435
- Funds due
- $42,473
- Interest + MI left
- $215,560
- First ends
- Aug 2050
New loan
New conventional
$2,477/mo
+$554/mo- Down payment
- $30,435
- Funds due
- $39,270
- Interest + MI left
- $394,002
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $224,465 | $224,465 | $269,465 |
| Second mortgage | — | $45,000 | — |
| First P&I | $1,140.99 | $1,140.99 | $1,825.45 |
| Second P&I | — | $362.08 | — |
| Mortgage insurance | $184.31 | $184.31 | $53.89 |
| Taxes, insurance & HOA | $598.00 | $598.00 | $598.00 |
| Total housing payment | $1,923.30 | $2,285.38 | $2,477.34 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,435
Closing costs & prepaids$12,038
Usable credit−$0
Total buyer cash needed$42,473
Earnest money paid−$0
Remaining funds due$42,473
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,999.00
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)$360.00
Initial HOA (3 months)$984.00
Prepaid interest, first (7 days)$142.49
Prepaid interest, second (7 days)$77.67
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 7 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 8 moOf the original 30-year loan at 3.31%
Interest already paid$50,981Through Dec 2026
Assumption only · ends Aug 2050$130,211
Assumption + second · ends Aug 2050, second Jan 2057$215,560
New conventional · ends Jan 2057$394,002