Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,837/mo
Lowest payment- Down payment
- $156,654
- Funds due
- $167,363
- Interest + MI left
- $131,680
- First ends
- Sep 2047
Assumption
Assumption + second
$2,703/mo
+$866/mo- Down payment
- $38,654
- Funds due
- $50,768
- Interest + MI left
- $325,383
- First ends
- Sep 2047
New loan
New conventional
$2,711/mo
+$874/mo- Down payment
- $38,654
- Funds due
- $47,436
- Interest + MI left
- $499,036
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $223,346 | $223,346 | $341,346 |
| Second mortgage | — | $118,000 | — |
| First P&I | $1,309.71 | $1,309.71 | $2,312.40 |
| Second P&I | — | $865.84 | — |
| Mortgage insurance | $196.69 | $196.69 | $68.27 |
| Taxes, insurance & HOA | $330.33 | $330.33 | $330.33 |
| Total housing payment | $1,836.73 | $2,702.57 | $2,711.00 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,654
Closing costs & prepaids$12,114
Usable credit−$0
Total buyer cash needed$50,768
Earnest money paid−$0
Remaining funds due$50,768
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,800.00
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)$456.00
Initial HOA (3 months)$84.99
Prepaid interest, first (6 days)$143.19
Prepaid interest, second (6 days)$155.18
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 closing20 yr 9 moOf the original 30-year loan at 3.9%
Interest already paid$91,047Through Dec 2026
Assumption only · ends Sep 2047$131,680
Assumption + second · ends Sep 2047, second Jan 2057$325,383
New conventional · ends Jan 2057$499,036