Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,497/mo
Lowest payment- Down payment
- $121,539
- Funds due
- $131,618
- Interest + MI left
- $110,035
- First ends
- Jan 2049
Assumption
Assumption + second
$2,254/mo
+$756/mo- Down payment
- $27,539
- Funds due
- $39,076
- Interest + MI left
- $288,320
- First ends
- Jan 2049
New loan
New conventional
$2,154/mo
+$656/mo- Down payment
- $27,539
- Funds due
- $35,792
- Interest + MI left
- $348,574
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $144,461 | $144,461 | $238,461 |
| Second mortgage | — | $94,000 | — |
| First P&I | $887.59 | $887.59 | $1,615.42 |
| Second P&I | — | $756.35 | — |
| Mortgage insurance | $119.42 | $119.42 | $47.69 |
| Taxes, insurance & HOA | $490.42 | $490.42 | $490.42 |
| Total housing payment | $1,497.42 | $2,253.77 | $2,153.53 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$27,539
Closing costs & prepaids$11,537
Usable credit−$0
Total buyer cash needed$39,076
Earnest money paid−$0
Remaining funds due$39,076
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,660.00
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)$319.25
Initial HOA (3 months)$702.00
Prepaid interest, first (9 days)$172.05
Prepaid interest, second (9 days)$208.60
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 closing22 yr 1 moOf the original 30-year loan at 4.83%
Interest already paid$60,192Through Dec 2026
Assumption only · ends Jan 2049$110,035
Assumption + second · ends Jan 2049, second Jan 2057$288,320
New conventional · ends Jan 2057$348,574