Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,278/mo
Lowest payment- Down payment
- $175,678
- Funds due
- $186,152
- Interest + MI left
- $31,087
- First ends
- Jul 2043
Assumption
Assumption + second
$2,386/mo
+$1,108/mo- Down payment
- $24,678
- Funds due
- $36,469
- Interest + MI left
- $278,961
- First ends
- Jul 2043
New loan
New conventional
$2,315/mo
+$1,037/mo- Down payment
- $24,678
- Funds due
- $33,182
- Interest + MI left
- $334,133
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $69,322 | $69,322 | $220,322 |
| Second mortgage | — | $151,000 | — |
| First P&I | $460.39 | $460.39 | $1,525.47 |
| Second P&I | — | $1,107.98 | — |
| Mortgage insurance | $72.00 | $72.00 | $44.06 |
| Taxes, insurance & HOA | $745.33 | $745.33 | $745.33 |
| Total housing payment | $1,277.72 | $2,385.71 | $2,314.86 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$24,678
Closing costs & prepaids$11,791
Usable credit−$0
Total buyer cash needed$36,469
Earnest money paid−$0
Remaining funds due$36,469
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,450.00
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)$616.00
Initial HOA (3 months)$1,170.00
Prepaid interest, first (2 days)$13.56
Prepaid interest, second (2 days)$66.19
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 closing16 yr 8 moOf the original 30-year loan at 3.570%
Interest already paid$41,344Through Nov 2026
Assumption only · ends Jul 2043$31,087
Assumption + second · ends Jul 2043, second Dec 2056$278,961
New conventional · ends Dec 2056$334,133