Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,784/mo
Lowest payment- Down payment
- $67,465
- Funds due
- $77,665
- Interest + MI left
- $118,581
- First ends
- Nov 2049
Assumption
Assumption + second
$2,114/mo
+$330/mo- Down payment
- $26,465
- Funds due
- $37,935
- Interest + MI left
- $196,343
- First ends
- Nov 2049
New loan
New conventional
$2,240/mo
+$456/mo- Down payment
- $26,465
- Funds due
- $34,654
- Interest + MI left
- $346,497
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $187,535 | $187,535 | $228,535 |
| Second mortgage | — | $41,000 | — |
| First P&I | $1,017.11 | $1,017.11 | $1,582.33 |
| Second P&I | — | $329.90 | — |
| Mortgage insurance | $155.19 | $155.19 | $45.71 |
| Taxes, insurance & HOA | $611.83 | $611.83 | $611.83 |
| Total housing payment | $1,784.13 | $2,114.02 | $2,239.87 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$26,465
Closing costs & prepaids$11,469
Usable credit−$0
Total buyer cash needed$37,935
Earnest money paid−$0
Remaining funds due$37,935
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,550.00
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)$290.50
Initial HOA (3 months)$1,095.00
Prepaid interest, first (2 days)$38.74
Prepaid interest, second (2 days)$20.22
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 yrOf the original 30-year loan at 3.770%
Interest already paid$53,886Through Nov 2026
Assumption only · ends Nov 2049$118,581
Assumption + second · ends Nov 2049, second Dec 2056$196,343
New conventional · ends Dec 2056$346,497