Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,939/mo
Lowest payment- Down payment
- $80,067
- Funds due
- $90,702
- Interest + MI left
- $160,090
- First ends
- Mar 2052
Assumption
Assumption + second
$2,301/mo
+$362/mo- Down payment
- $35,067
- Funds due
- $46,974
- Interest + MI left
- $245,439
- First ends
- Mar 2052
New loan
New conventional
$2,662/mo
+$724/mo- Down payment
- $35,067
- Funds due
- $43,630
- Interest + MI left
- $469,972
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $264,933 | $264,933 | $309,933 |
| Second mortgage | — | $45,000 | — |
| First P&I | $1,275.85 | $1,275.85 | $2,145.91 |
| Second P&I | — | $362.08 | — |
| Mortgage insurance | $208.44 | $208.44 | $61.99 |
| Taxes, insurance & HOA | $454.25 | $454.25 | $454.25 |
| Total housing payment | $1,938.54 | $2,300.62 | $2,662.15 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,067
Closing costs & prepaids$11,907
Usable credit−$0
Total buyer cash needed$46,974
Earnest money paid−$0
Remaining funds due$46,974
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,450.00
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)$837.75
Initial HOA (3 months)$75.00
Prepaid interest, first (2 days)$46.74
Prepaid interest, second (2 days)$22.19
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 closing25 yr 4 moOf the original 30-year loan at 3.220%
Interest already paid$42,109Through Nov 2026
Assumption only · ends Mar 2052$160,090
Assumption + second · ends Mar 2052, second Dec 2056$245,439
New conventional · ends Dec 2056$469,972