Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,628/mo
Lowest payment- Down payment
- $152,729
- Funds due
- $165,441
- Interest + MI left
- $216,113
- First ends
- Sep 2050
Assumption
Assumption + second
$3,417/mo
+$789/mo- Down payment
- $54,729
- Funds due
- $68,836
- Interest + MI left
- $401,984
- First ends
- Sep 2050
New loan
New conventional
$3,760/mo
+$1,131/mo- Down payment
- $54,729
- Funds due
- $65,465
- Interest + MI left
- $707,987
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $386,271 | $386,271 | $484,271 |
| Second mortgage | — | $98,000 | — |
| First P&I | $1,928.66 | $1,928.66 | $3,280.62 |
| Second P&I | — | $788.53 | — |
| Mortgage insurance | $317.50 | $317.50 | $96.85 |
| Taxes, insurance & HOA | $382.25 | $382.25 | $382.25 |
| Total housing payment | $2,628.40 | $3,416.93 | $3,759.72 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$54,729
Closing costs & prepaids$14,107
Usable credit−$0
Total buyer cash needed$68,836
Earnest money paid−$0
Remaining funds due$68,836
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,390.00
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)$646.75
Prepaid interest, first (6 days)$200.65
Prepaid interest, second (6 days)$144.99
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 9 moOf the original 30-year loan at 3.16%
Interest already paid$82,690Through Dec 2026
Assumption only · ends Sep 2050$216,113
Assumption + second · ends Sep 2050, second Jan 2057$401,984
New conventional · ends Jan 2057$707,987