Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,100/mo
Lowest payment- Down payment
- $130,642
- Funds due
- $139,805
- Interest + MI left
- $92,084
- First ends
- Apr 2050
Assumption
Assumption + second
$1,848/mo
+$748/mo- Down payment
- $28,642
- Funds due
- $39,078
- Interest + MI left
- $259,523
- First ends
- Apr 2050
New loan
New conventional
$1,978/mo
+$878/mo- Down payment
- $28,642
- Funds due
- $35,755
- Interest + MI left
- $379,585
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $148,358 | $148,358 | $250,358 |
| Second mortgage | — | $102,000 | — |
| First P&I | $783.73 | $783.73 | $1,733.43 |
| Second P&I | — | $748.44 | — |
| Mortgage insurance | $121.80 | $121.80 | $50.07 |
| Taxes, insurance & HOA | $194.42 | $194.42 | $194.42 |
| Total housing payment | $1,099.95 | $1,848.39 | $1,977.92 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,642
Closing costs & prepaids$10,435
Usable credit−$0
Total buyer cash needed$39,078
Earnest money paid−$0
Remaining funds due$39,078
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,790.00
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)$133.25
Prepaid interest, first (1 days)$14.71
Prepaid interest, second (1 days)$22.36
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 5 moOf the original 30-year loan at 3.620%
Interest already paid$38,315Through Nov 2026
Assumption only · ends Apr 2050$92,084
Assumption + second · ends Apr 2050, second Dec 2056$259,523
New conventional · ends Dec 2056$379,585