Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,524/mo
Lowest payment- Down payment
- $83,403
- Funds due
- $93,242
- Interest + MI left
- $112,812
- First ends
- Nov 2050
Assumption
Assumption + second
$1,950/mo
+$426/mo- Down payment
- $30,403
- Funds due
- $41,610
- Interest + MI left
- $213,334
- First ends
- Nov 2050
New loan
New conventional
$2,165/mo
+$642/mo- Down payment
- $30,403
- Funds due
- $38,452
- Interest + MI left
- $386,824
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $211,592 | $211,592 | $264,592 |
| Second mortgage | — | $53,000 | — |
| First P&I | $1,029.63 | $1,029.63 | $1,792.44 |
| Second P&I | — | $426.45 | — |
| Mortgage insurance | $173.88 | $173.88 | $52.92 |
| Taxes, insurance & HOA | $320.00 | $320.00 | $320.00 |
| Total housing payment | $1,523.50 | $1,949.95 | $2,165.36 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,403
Closing costs & prepaids$11,207
Usable credit−$0
Total buyer cash needed$41,610
Earnest money paid−$0
Remaining funds due$41,610
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,949.95
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)$354.00
Initial HOA (3 months)$156.00
Prepaid interest, first (9 days)$154.43
Prepaid interest, second (9 days)$117.62
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 11 moOf the original 30-year loan at 2.96%
Interest already paid$41,284Through Dec 2026
Assumption only · ends Nov 2050$112,812
Assumption + second · ends Nov 2050, second Jan 2057$213,334
New conventional · ends Jan 2057$386,824