Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,417/mo
Lowest payment- Down payment
- $127,621
- Funds due
- $137,555
- Interest + MI left
- $109,845
- First ends
- Aug 2050
Assumption
Assumption + second
$2,181/mo
+$764/mo- Down payment
- $32,621
- Funds due
- $43,946
- Interest + MI left
- $290,026
- First ends
- Aug 2050
New loan
New conventional
$2,297/mo
+$880/mo- Down payment
- $32,621
- Funds due
- $40,668
- Interest + MI left
- $423,120
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $194,379 | $194,379 | $289,379 |
| Second mortgage | — | $95,000 | — |
| First P&I | $977.89 | $977.89 | $1,960.35 |
| Second P&I | — | $764.39 | — |
| Mortgage insurance | $159.97 | $159.97 | $57.88 |
| Taxes, insurance & HOA | $278.83 | $278.83 | $278.83 |
| Total housing payment | $1,416.69 | $2,181.08 | $2,297.06 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,621
Closing costs & prepaids$11,325
Usable credit−$0
Total buyer cash needed$43,946
Earnest money paid−$0
Remaining funds due$43,946
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,220.00
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)$386.50
Prepaid interest, first (6 days)$102.57
Prepaid interest, second (6 days)$140.55
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 8 moOf the original 30-year loan at 3.21%
Interest already paid$42,865Through Dec 2026
Assumption only · ends Aug 2050$109,845
Assumption + second · ends Aug 2050, second Jan 2057$290,026
New conventional · ends Jan 2057$423,120