Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,609/mo
Lowest payment- Down payment
- $134,893
- Funds due
- $145,143
- Interest + MI left
- $129,899
- First ends
- Mar 2050
Assumption
Assumption + second
$2,343/mo
+$734/mo- Down payment
- $34,893
- Funds due
- $46,437
- Interest + MI left
- $294,054
- First ends
- Mar 2050
New loan
New conventional
$2,518/mo
+$908/mo- Down payment
- $34,893
- Funds due
- $43,076
- Interest + MI left
- $462,442
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $205,007 | $205,007 | $305,007 |
| Second mortgage | — | $100,000 | — |
| First P&I | $1,096.40 | $1,096.40 | $2,111.81 |
| Second P&I | — | $733.76 | — |
| Mortgage insurance | $168.31 | $168.31 | $61.00 |
| Taxes, insurance & HOA | $344.75 | $344.75 | $344.75 |
| Total housing payment | $1,609.46 | $2,343.22 | $2,517.56 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,893
Closing costs & prepaids$11,544
Usable credit−$0
Total buyer cash needed$46,437
Earnest money paid−$0
Remaining funds due$46,437
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,399.00
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)$293.25
Initial HOA (3 months)$291.00
Prepaid interest, first (2 days)$41.79
Prepaid interest, second (2 days)$43.84
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 4 moOf the original 30-year loan at 3.720%
Interest already paid$55,102Through Nov 2026
Assumption only · ends Mar 2050$129,899
Assumption + second · ends Mar 2050, second Dec 2056$294,054
New conventional · ends Dec 2056$462,442