Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,524/mo
Lowest payment- Down payment
- $211,573
- Funds due
- $222,579
- Interest + MI left
- $105,557
- First ends
- Oct 2049
Assumption
Assumption + second
$2,794/mo
+$1,269/mo- Down payment
- $38,573
- Funds due
- $50,867
- Interest + MI left
- $389,546
- First ends
- Oct 2049
New loan
New conventional
$2,903/mo
+$1,379/mo- Down payment
- $38,573
- Funds due
- $47,445
- Interest + MI left
- $517,577
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $168,327 | $168,327 | $341,327 |
| Second mortgage | — | $173,000 | — |
| First P&I | $913.22 | $913.22 | $2,363.28 |
| Second P&I | — | $1,269.41 | — |
| Mortgage insurance | $139.68 | $139.68 | $68.27 |
| Taxes, insurance & HOA | $471.58 | $471.58 | $471.58 |
| Total housing payment | $1,524.48 | $2,793.90 | $2,903.13 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,573
Closing costs & prepaids$12,294
Usable credit−$0
Total buyer cash needed$50,867
Earnest money paid−$0
Remaining funds due$50,867
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,799.00
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)$790.75
Initial HOA (3 months)$174.00
Prepaid interest, first (1 days)$17.29
Prepaid interest, second (1 days)$37.92
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$48,760Through Nov 2026
Assumption only · ends Oct 2049$105,557
Assumption + second · ends Oct 2049, second Dec 2056$389,546
New conventional · ends Dec 2056$517,577