Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,936/mo
Lowest payment- Down payment
- $173,443
- Funds due
- $184,620
- Interest + MI left
- $160,286
- First ends
- Jan 2050
Assumption
Assumption + second
$2,890/mo
+$954/mo- Down payment
- $43,443
- Funds due
- $55,927
- Interest + MI left
- $373,687
- First ends
- Jan 2050
New loan
New conventional
$3,104/mo
+$1,168/mo- Down payment
- $43,443
- Funds due
- $52,490
- Interest + MI left
- $586,162
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $256,557 | $256,557 | $386,557 |
| Second mortgage | — | $130,000 | — |
| First P&I | $1,374.18 | $1,374.18 | $2,676.44 |
| Second P&I | — | $953.89 | — |
| Mortgage insurance | $211.73 | $211.73 | $77.31 |
| Taxes, insurance & HOA | $349.83 | $349.83 | $349.83 |
| Total housing payment | $1,935.75 | $2,889.64 | $3,103.59 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,443
Closing costs & prepaids$12,483
Usable credit−$0
Total buyer cash needed$55,927
Earnest money paid−$0
Remaining funds due$55,927
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,300.00
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)$599.50
Prepaid interest, first (2 days)$51.87
Prepaid interest, second (2 days)$56.99
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 2 moOf the original 30-year loan at 3.690%
Interest already paid$70,321Through Nov 2026
Assumption only · ends Jan 2050$160,286
Assumption + second · ends Jan 2050, second Dec 2056$373,687
New conventional · ends Dec 2056$586,162