Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,535/mo
Lowest payment- Down payment
- $157,593
- Funds due
- $168,066
- Interest + MI left
- $117,655
- First ends
- Oct 2049
Assumption
Assumption + second
$2,437/mo
+$903/mo- Down payment
- $34,593
- Funds due
- $46,558
- Interest + MI left
- $319,566
- First ends
- Oct 2049
New loan
New conventional
$2,523/mo
+$988/mo- Down payment
- $34,593
- Funds due
- $43,295
- Interest + MI left
- $453,866
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $187,407 | $187,407 | $310,407 |
| Second mortgage | — | $123,000 | — |
| First P&I | $1,021.08 | $1,021.08 | $2,102.81 |
| Second P&I | — | $902.53 | — |
| Mortgage insurance | $155.79 | $155.79 | $62.08 |
| Taxes, insurance & HOA | $357.67 | $357.67 | $357.67 |
| Total housing payment | $1,534.55 | $2,437.08 | $2,522.56 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,593
Closing costs & prepaids$11,965
Usable credit−$0
Total buyer cash needed$46,558
Earnest money paid−$0
Remaining funds due$46,558
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)$414.00
Initial HOA (3 months)$209.01
Prepaid interest, first (9 days)$174.21
Prepaid interest, second (9 days)$242.63
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 10 moOf the original 30-year loan at 3.77%
Interest already paid$55,278Through Dec 2026
Assumption only · ends Oct 2049$117,655
Assumption + second · ends Oct 2049, second Jan 2057$319,566
New conventional · ends Jan 2057$453,866