Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,502/mo
Lowest payment- Down payment
- $224,019
- Funds due
- $235,484
- Interest + MI left
- $243,966
- First ends
- Apr 2065
Assumption
Assumption + second
$2,889/mo
+$1,387/mo- Down payment
- $35,019
- Funds due
- $48,024
- Interest + MI left
- $554,220
- First ends
- Apr 2065
New loan
New conventional
$2,855/mo
+$1,352/mo- Down payment
- $35,019
- Funds due
- $44,600
- Interest + MI left
- $453,180
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $120,980 | $120,980 | $309,980 |
| Second mortgage | — | $189,000 | — |
| First P&I | $753.57 | $753.57 | $2,099.91 |
| Second P&I | — | $1,386.82 | — |
| Mortgage insurance | $55.91 | $55.91 | $62.00 |
| Taxes, insurance & HOA | $693.00 | $693.00 | $693.00 |
| Total housing payment | $1,502.48 | $2,889.29 | $2,854.91 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,019
Closing costs & prepaids$13,005
Usable credit−$0
Total buyer cash needed$48,024
Earnest money paid−$0
Remaining funds due$48,024
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,449.99
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)$414.00
Initial HOA (3 months)$1,215.00
Prepaid interest, first (7 days)$161.25
Prepaid interest, second (7 days)$289.97
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 closing38 yr 4 moOf the original 40-year loan at 6.95%
Interest already paid$14,075Through Dec 2026
Assumption only · ends Apr 2065$243,966
Assumption + second · ends Apr 2065, second Jan 2057$554,220
New conventional · ends Jan 2057$453,180