Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,561/mo
Lowest payment- Down payment
- $94,440
- Funds due
- $104,529
- Interest + MI left
- $85,744
- First ends
- Mar 2048
Assumption
Assumption + second
$2,124/mo
+$563/mo- Down payment
- $24,440
- Funds due
- $35,882
- Interest + MI left
- $218,508
- First ends
- Mar 2048
New loan
New conventional
$2,093/mo
+$531/mo- Down payment
- $24,440
- Funds due
- $32,641
- Interest + MI left
- $307,789
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $140,560 | $140,560 | $210,560 |
| Second mortgage | — | $70,000 | — |
| First P&I | $815.40 | $815.40 | $1,426.41 |
| Second P&I | — | $563.24 | — |
| Mortgage insurance | $121.71 | $121.71 | $42.11 |
| Taxes, insurance & HOA | $624.00 | $624.00 | $624.00 |
| Total housing payment | $1,561.11 | $2,124.35 | $2,092.52 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$24,440
Closing costs & prepaids$11,442
Usable credit−$0
Total buyer cash needed$35,882
Earnest money paid−$0
Remaining funds due$35,882
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,350.00
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)$282.00
Initial HOA (3 months)$1,140.00
Prepaid interest, first (6 days)$91.27
Prepaid interest, second (6 days)$103.56
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 closing21 yr 3 moOf the original 30-year loan at 3.95%
Interest already paid$54,346Through Dec 2026
Assumption only · ends Mar 2048$85,744
Assumption + second · ends Mar 2048, second Jan 2057$218,508
New conventional · ends Jan 2057$307,789