Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,193/mo
Lowest payment- Down payment
- $167,872
- Funds due
- $177,894
- Interest + MI left
- $51,579
- First ends
- Jul 2046
Assumption
Assumption + second
$2,228/mo
+$1,035/mo- Down payment
- $26,872
- Funds due
- $38,205
- Interest + MI left
- $283,038
- First ends
- Jul 2046
New loan
New conventional
$2,222/mo
+$1,029/mo- Down payment
- $26,872
- Funds due
- $34,902
- Interest + MI left
- $361,090
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $97,128 | $97,128 | $238,128 |
| Second mortgage | — | $141,000 | — |
| First P&I | $577.90 | $577.90 | $1,648.75 |
| Second P&I | — | $1,034.61 | — |
| Mortgage insurance | $89.37 | $89.37 | $47.63 |
| Taxes, insurance & HOA | $525.67 | $525.67 | $525.67 |
| Total housing payment | $1,192.94 | $2,227.54 | $2,222.04 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$26,872
Closing costs & prepaids$11,333
Usable credit−$0
Total buyer cash needed$38,205
Earnest money paid−$0
Remaining funds due$38,205
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,650.00
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)$716.00
Initial HOA (3 months)$411.00
Prepaid interest, first (2 days)$19.48
Prepaid interest, second (2 days)$61.81
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 closing19 yr 8 moOf the original 30-year loan at 3.660%
Interest already paid$42,615Through Nov 2026
Assumption only · ends Jul 2046$51,579
Assumption + second · ends Jul 2046, second Dec 2056$283,038
New conventional · ends Dec 2056$361,090