Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,668/mo
Lowest payment- Down payment
- $80,168
- Funds due
- $92,368
- Interest + MI left
- $172,346
- First ends
- Oct 2049
Assumption
Assumption + second
$3,022/mo
+$354/mo- Down payment
- $36,168
- Funds due
- $49,629
- Interest + MI left
- $255,799
- First ends
- Oct 2049
New loan
New conventional
$3,220/mo
+$552/mo- Down payment
- $36,168
- Funds due
- $46,243
- Interest + MI left
- $483,466
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $274,832 | $274,832 | $318,832 |
| Second mortgage | — | $44,000 | — |
| First P&I | $1,491.05 | $1,491.05 | $2,207.53 |
| Second P&I | — | $354.03 | — |
| Mortgage insurance | $228.05 | $228.05 | $63.77 |
| Taxes, insurance & HOA | $949.00 | $949.00 | $949.00 |
| Total housing payment | $2,668.10 | $3,022.14 | $3,220.29 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,168
Closing costs & prepaids$13,461
Usable credit−$0
Total buyer cash needed$49,629
Earnest money paid−$0
Remaining funds due$49,629
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,550.00
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)$1,176.00
Initial HOA (3 months)$1,221.00
Prepaid interest, first (1 days)$28.24
Prepaid interest, second (1 days)$10.85
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 closing22 yr 11 moOf the original 30-year loan at 3.750%
Interest already paid$79,611Through Nov 2026
Assumption only · ends Oct 2049$172,346
Assumption + second · ends Oct 2049, second Dec 2056$255,799
New conventional · ends Dec 2056$483,466