Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,444/mo
Lowest payment- Down payment
- $151,108
- Funds due
- $161,150
- Interest + MI left
- $113,516
- First ends
- Feb 2049
Assumption
Assumption + second
$2,325/mo
+$881/mo- Down payment
- $31,108
- Funds due
- $42,453
- Interest + MI left
- $310,502
- First ends
- Feb 2049
New loan
New conventional
$2,344/mo
+$900/mo- Down payment
- $31,108
- Funds due
- $39,111
- Interest + MI left
- $415,321
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $153,892 | $153,892 | $273,892 |
| Second mortgage | — | $120,000 | — |
| First P&I | $924.37 | $924.37 | $1,896.37 |
| Second P&I | — | $880.52 | — |
| Mortgage insurance | $127.28 | $127.28 | $54.78 |
| Taxes, insurance & HOA | $392.75 | $392.75 | $392.75 |
| Total housing payment | $1,444.40 | $2,324.91 | $2,343.90 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$31,108
Closing costs & prepaids$11,345
Usable credit−$0
Total buyer cash needed$42,453
Earnest money paid−$0
Remaining funds due$42,453
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,050.00
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)$728.25
Prepaid interest, first (2 days)$39.04
Prepaid interest, second (2 days)$52.60
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 closing22 yr 3 moOf the original 30-year loan at 4.630%
Interest already paid$60,173Through Nov 2026
Assumption only · ends Feb 2049$113,516
Assumption + second · ends Feb 2049, second Dec 2056$310,502
New conventional · ends Dec 2056$415,321