Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,179/mo
Lowest payment- Down payment
- $105,620
- Funds due
- $117,626
- Interest + MI left
- $66,735
- First ends
- Jan 2046
Assumption
Assumption + second
$2,839/mo
+$660/mo- Down payment
- $23,620
- Funds due
- $36,916
- Interest + MI left
- $222,260
- First ends
- Jan 2046
New loan
New conventional
$2,768/mo
+$589/mo- Down payment
- $23,620
- Funds due
- $33,647
- Interest + MI left
- $311,390
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $123,380 | $123,380 | $205,380 |
| Second mortgage | — | $82,000 | — |
| First P&I | $759.30 | $759.30 | $1,422.01 |
| Second P&I | — | $659.79 | — |
| Mortgage insurance | $114.72 | $114.72 | $41.08 |
| Taxes, insurance & HOA | $1,304.83 | $1,304.83 | $1,304.83 |
| Total housing payment | $2,178.86 | $2,838.65 | $2,767.92 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$23,620
Closing costs & prepaids$13,296
Usable credit−$0
Total buyer cash needed$36,916
Earnest money paid−$0
Remaining funds due$36,916
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,290.00
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)$926.50
Initial HOA (3 months)$2,538.00
Prepaid interest, first (2 days)$26.03
Prepaid interest, second (2 days)$40.44
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 closing19 yr 2 moOf the original 30-year loan at 3.850%
Interest already paid$60,125Through Nov 2026
Assumption only · ends Jan 2046$66,735
Assumption + second · ends Jan 2046, second Dec 2056$222,260
New conventional · ends Dec 2056$311,390