Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,682/mo
Lowest payment- Down payment
- $82,087
- Funds due
- $92,196
- Interest + MI left
- $116,713
- First ends
- Nov 2049
Assumption
Assumption + second
$2,116/mo
+$434/mo- Down payment
- $28,087
- Funds due
- $39,526
- Interest + MI left
- $219,132
- First ends
- Nov 2049
New loan
New conventional
$2,212/mo
+$530/mo- Down payment
- $28,087
- Funds due
- $36,293
- Interest + MI left
- $360,978
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $192,913 | $192,913 | $246,913 |
| Second mortgage | — | $54,000 | — |
| First P&I | $1,031.21 | $1,031.21 | $1,672.67 |
| Second P&I | — | $434.50 | — |
| Mortgage insurance | $160.66 | $160.66 | $49.38 |
| Taxes, insurance & HOA | $490.00 | $490.00 | $490.00 |
| Total housing payment | $1,681.87 | $2,116.37 | $2,212.06 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,087
Closing costs & prepaids$11,439
Usable credit−$0
Total buyer cash needed$39,526
Earnest money paid−$0
Remaining funds due$39,526
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,750.00
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)$330.00
Initial HOA (3 months)$690.00
Prepaid interest, first (6 days)$114.16
Prepaid interest, second (6 days)$79.89
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 closing22 yr 11 moOf the original 30-year loan at 3.6%
Interest already paid$53,749Through Dec 2026
Assumption only · ends Nov 2049$116,713
Assumption + second · ends Nov 2049, second Jan 2057$219,132
New conventional · ends Jan 2057$360,978