Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,742/mo
Lowest payment- Down payment
- $144,803
- Funds due
- $156,122
- Interest + MI left
- $87,071
- First ends
- Jul 2050
Assumption
Assumption + second
$2,586/mo
+$844/mo- Down payment
- $29,803
- Funds due
- $42,422
- Interest + MI left
- $275,849
- First ends
- Jul 2050
New loan
New conventional
$2,744/mo
+$1,002/mo- Down payment
- $29,803
- Funds due
- $39,104
- Interest + MI left
- $401,984
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $150,097 | $150,097 | $265,097 |
| Second mortgage | — | $115,000 | — |
| First P&I | $762.97 | $762.97 | $1,835.48 |
| Second P&I | — | $843.83 | — |
| Mortgage insurance | $123.24 | $123.24 | $53.02 |
| Taxes, insurance & HOA | $855.83 | $855.83 | $855.83 |
| Total housing payment | $1,742.04 | $2,585.87 | $2,744.33 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,803
Closing costs & prepaids$12,619
Usable credit−$0
Total buyer cash needed$42,422
Earnest money paid−$0
Remaining funds due$42,422
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,949.00
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)$767.50
Initial HOA (3 months)$1,350.00
Prepaid interest, first (2 days)$27.22
Prepaid interest, second (2 days)$50.41
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 8 moOf the original 30-year loan at 3.310%
Interest already paid$34,090Through Nov 2026
Assumption only · ends Jul 2050$87,071
Assumption + second · ends Jul 2050, second Dec 2056$275,849
New conventional · ends Dec 2056$401,984