Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,098/mo
Lowest payment- Down payment
- $49,537
- Funds due
- $60,433
- Interest + MI left
- $134,376
- First ends
- Oct 2050
Assumption
Assumption + second
$2,444/mo
+$346/mo- Down payment
- $15,537
- Funds due
- $27,750
- Interest + MI left
- $225,102
- First ends
- Oct 2050
New loan
New conventional
$2,646/mo
+$548/mo- Down payment
- $15,537
- Funds due
- $24,689
- Interest + MI left
- $415,797
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $249,363 | $249,363 | $283,363 |
| Second mortgage | — | $34,000 | — |
| First P&I | $1,222.76 | $1,222.76 | $1,919.60 |
| Second P&I | — | $346.46 | — |
| Mortgage insurance | $205.17 | $205.17 | $56.67 |
| Taxes, insurance & HOA | $669.58 | $669.58 | $669.58 |
| Total housing payment | $2,097.52 | $2,443.98 | $2,645.86 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$15,537
Closing costs & prepaids$12,213
Usable credit−$0
Total buyer cash needed$27,750
Earnest money paid−$0
Remaining funds due$27,750
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,989.00
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)$358.75
Initial HOA (3 months)$1,200.00
Prepaid interest, first (6 days)$123.38
Prepaid interest, second (6 days)$66.37
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 closing23 yr 10 moOf the original 30-year loan at 3.01%
Interest already paid$50,191Through Dec 2026
Assumption only · ends Oct 2050$134,376
Assumption + second · ends Oct 2050, second Jan 2057$225,102
New conventional · ends Jan 2057$415,797