Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,734/mo
Lowest payment- Down payment
- $130,686
- Funds due
- $141,154
- Interest + MI left
- $132,333
- First ends
- Sep 2049
Assumption
Assumption + second
$2,507/mo
+$772/mo- Down payment
- $34,686
- Funds due
- $46,452
- Interest + MI left
- $314,410
- First ends
- Sep 2049
New loan
New conventional
$2,592/mo
+$857/mo- Down payment
- $34,686
- Funds due
- $43,088
- Interest + MI left
- $462,964
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $209,311 | $209,311 | $305,311 |
| Second mortgage | — | $96,000 | — |
| First P&I | $1,143.79 | $1,143.79 | $2,113.91 |
| Second P&I | — | $772.44 | — |
| Mortgage insurance | $173.88 | $173.88 | $61.06 |
| Taxes, insurance & HOA | $416.67 | $416.67 | $416.67 |
| Total housing payment | $1,734.33 | $2,506.77 | $2,591.64 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,686
Closing costs & prepaids$11,766
Usable credit−$0
Total buyer cash needed$46,452
Earnest money paid−$0
Remaining funds due$46,452
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,399.97
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)$800.00
Prepaid interest, first (2 days)$43.58
Prepaid interest, second (2 days)$47.34
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 10 moOf the original 30-year loan at 3.800%
Interest already paid$62,206Through Nov 2026
Assumption only · ends Sep 2049$132,333
Assumption + second · ends Sep 2049, second Dec 2056$314,410
New conventional · ends Dec 2056$462,964