Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,489/mo
Lowest payment- Down payment
- $130,275
- Funds due
- $140,435
- Interest + MI left
- $114,747
- First ends
- Mar 2050
Assumption
Assumption + second
$2,286/mo
+$797/mo- Down payment
- $31,275
- Funds due
- $42,904
- Interest + MI left
- $302,515
- First ends
- Mar 2050
New loan
New conventional
$2,324/mo
+$834/mo- Down payment
- $31,275
- Funds due
- $39,652
- Interest + MI left
- $410,466
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $181,725 | $181,725 | $280,725 |
| Second mortgage | — | $99,000 | — |
| First P&I | $974.07 | $974.07 | $1,901.73 |
| Second P&I | — | $796.58 | — |
| Mortgage insurance | $149.53 | $149.53 | $56.15 |
| Taxes, insurance & HOA | $365.83 | $365.83 | $365.83 |
| Total housing payment | $1,489.44 | $2,286.01 | $2,323.71 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$31,275
Closing costs & prepaids$11,629
Usable credit−$0
Total buyer cash needed$42,904
Earnest money paid−$0
Remaining funds due$42,904
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,120.00
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)$374.50
Initial HOA (3 months)$273.00
Prepaid interest, first (9 days)$166.69
Prepaid interest, second (9 days)$219.70
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 3 moOf the original 30-year loan at 3.72%
Interest already paid$49,519Through Dec 2026
Assumption only · ends Mar 2050$114,747
Assumption + second · ends Mar 2050, second Jan 2057$302,515
New conventional · ends Jan 2057$410,466