Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,167/mo
Lowest payment- Down payment
- $152,474
- Funds due
- $162,262
- Interest + MI left
- $74,829
- First ends
- Dec 2049
Assumption
Assumption + second
$2,077/mo
+$910/mo- Down payment
- $28,474
- Funds due
- $39,566
- Interest + MI left
- $278,381
- First ends
- Dec 2049
New loan
New conventional
$2,169/mo
+$1,002/mo- Down payment
- $28,474
- Funds due
- $36,253
- Interest + MI left
- $373,775
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $122,526 | $122,526 | $246,526 |
| Second mortgage | — | $124,000 | — |
| First P&I | $652.56 | $652.56 | $1,706.90 |
| Second P&I | — | $909.87 | — |
| Mortgage insurance | $101.54 | $101.54 | $49.31 |
| Taxes, insurance & HOA | $412.83 | $412.83 | $412.83 |
| Total housing payment | $1,166.94 | $2,076.81 | $2,169.03 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,474
Closing costs & prepaids$11,092
Usable credit−$0
Total buyer cash needed$39,566
Earnest money paid−$0
Remaining funds due$39,566
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,750.00
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)$788.50
Prepaid interest, first (2 days)$24.24
Prepaid interest, second (2 days)$54.36
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 1 moOf the original 30-year loan at 3.610%
Interest already paid$33,333Through Nov 2026
Assumption only · ends Dec 2049$74,829
Assumption + second · ends Dec 2049, second Dec 2056$278,381
New conventional · ends Dec 2056$373,775