Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,929/mo
Lowest payment- Down payment
- $150,388
- Funds due
- $161,667
- Interest + MI left
- $149,001
- First ends
- Jun 2050
Assumption
Assumption + second
$2,736/mo
+$807/mo- Down payment
- $40,388
- Funds due
- $53,134
- Interest + MI left
- $329,572
- First ends
- Jun 2050
New loan
New conventional
$2,938/mo
+$1,010/mo- Down payment
- $40,388
- Funds due
- $49,888
- Interest + MI left
- $525,666
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $249,512 | $249,512 | $359,512 |
| Second mortgage | — | $110,000 | — |
| First P&I | $1,292.61 | $1,292.61 | $2,435.46 |
| Second P&I | — | $807.14 | — |
| Mortgage insurance | $205.17 | $205.17 | $71.90 |
| Taxes, insurance & HOA | $431.00 | $431.00 | $431.00 |
| Total housing payment | $1,928.78 | $2,735.92 | $2,938.36 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,388
Closing costs & prepaids$12,746
Usable credit−$0
Total buyer cash needed$53,134
Earnest money paid−$0
Remaining funds due$53,134
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,999.00
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)$480.00
Initial HOA (3 months)$363.00
Prepaid interest, first (9 days)$212.26
Prepaid interest, second (9 days)$216.99
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 closing23 yr 6 moOf the original 30-year loan at 3.45%
Interest already paid$60,680Through Dec 2026
Assumption only · ends Jun 2050$149,001
Assumption + second · ends Jun 2050, second Jan 2057$329,572
New conventional · ends Jan 2057$525,666