Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,531/mo
Lowest payment- Down payment
- $223,065
- Funds due
- $233,931
- Interest + MI left
- $86,341
- First ends
- Sep 2045
Assumption
Assumption + second
$2,896/mo
+$1,365/mo- Down payment
- $37,065
- Funds due
- $49,262
- Interest + MI left
- $391,670
- First ends
- Sep 2045
New loan
New conventional
$2,805/mo
+$1,273/mo- Down payment
- $37,065
- Funds due
- $45,858
- Interest + MI left
- $497,270
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $141,935 | $141,935 | $327,935 |
| Second mortgage | — | $186,000 | — |
| First P&I | $932.42 | $932.42 | $2,270.56 |
| Second P&I | — | $1,364.80 | — |
| Mortgage insurance | $130.35 | $130.35 | $65.59 |
| Taxes, insurance & HOA | $468.58 | $468.58 | $468.58 |
| Total housing payment | $1,531.35 | $2,896.15 | $2,804.72 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,065
Closing costs & prepaids$12,197
Usable credit−$0
Total buyer cash needed$49,262
Earnest money paid−$0
Remaining funds due$49,262
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,650.00
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)$759.75
Initial HOA (3 months)$195.99
Prepaid interest, first (2 days)$35.00
Prepaid interest, second (2 days)$81.53
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 closing18 yr 10 moOf the original 30-year loan at 4.500%
Interest already paid$82,856Through Nov 2026
Assumption only · ends Sep 2045$86,341
Assumption + second · ends Sep 2045, second Dec 2056$391,670
New conventional · ends Dec 2056$497,270