Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,648/mo
Lowest payment- Down payment
- $158,325
- Funds due
- $171,318
- Interest + MI left
- $203,646
- First ends
- Dec 2050
Assumption
Assumption + second
$3,404/mo
+$756/mo- Down payment
- $55,325
- Funds due
- $69,703
- Interest + MI left
- $372,726
- First ends
- Dec 2050
New loan
New conventional
$3,895/mo
+$1,247/mo- Down payment
- $55,325
- Funds due
- $66,365
- Interest + MI left
- $723,297
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $391,675 | $391,675 | $494,675 |
| Second mortgage | — | $103,000 | — |
| First P&I | $1,881.27 | $1,881.27 | $3,351.10 |
| Second P&I | — | $755.78 | — |
| Mortgage insurance | $321.81 | $321.81 | $98.94 |
| Taxes, insurance & HOA | $444.67 | $444.67 | $444.67 |
| Total housing payment | $2,647.74 | $3,403.52 | $3,894.70 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$55,325
Closing costs & prepaids$14,379
Usable credit−$0
Total buyer cash needed$69,703
Earnest money paid−$0
Remaining funds due$69,703
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,500.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$660.00
Initial HOA (3 months)$174.00
Prepaid interest, first (6 days)$184.14
Prepaid interest, second (6 days)$135.45
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 closing24 yrOf the original 30-year loan at 2.86%
Interest already paid$72,814Through Dec 2026
Assumption only · ends Dec 2050$203,646
Assumption + second · ends Dec 2050, second Jan 2057$372,726
New conventional · ends Jan 2057$723,297