Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,992/mo
Lowest payment- Down payment
- $137,381
- Funds due
- $148,927
- Interest + MI left
- $111,045
- First ends
- Dec 2049
Assumption
Assumption + second
$2,733/mo
+$741/mo- Down payment
- $36,381
- Funds due
- $49,221
- Interest + MI left
- $276,841
- First ends
- Dec 2049
New loan
New conventional
$3,017/mo
+$1,024/mo- Down payment
- $36,381
- Funds due
- $45,859
- Interest + MI left
- $490,574
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $222,519 | $222,519 | $323,519 |
| Second mortgage | — | $101,000 | — |
| First P&I | $1,100.64 | $1,100.64 | $2,239.98 |
| Second P&I | — | $741.10 | — |
| Mortgage insurance | $179.67 | $179.67 | $64.70 |
| Taxes, insurance & HOA | $712.08 | $712.08 | $712.08 |
| Total housing payment | $1,992.39 | $2,733.50 | $3,016.77 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,381
Closing costs & prepaids$12,840
Usable credit−$0
Total buyer cash needed$49,221
Earnest money paid−$0
Remaining funds due$49,221
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,599.00
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)$1,506.25
Initial HOA (3 months)$180.00
Prepaid interest, first (2 days)$35.12
Prepaid interest, second (2 days)$44.27
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 28-year loan at 2.880%
Interest already paid$33,802Through Nov 2026
Assumption only · ends Dec 2049$111,045
Assumption + second · ends Dec 2049, second Dec 2056$276,841
New conventional · ends Dec 2056$490,574