Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,380/mo
Lowest payment- Down payment
- $173,496
- Funds due
- $183,908
- Interest + MI left
- $94,578
- First ends
- Oct 2050
Assumption
Assumption + second
$2,392/mo
+$1,013/mo- Down payment
- $35,496
- Funds due
- $47,188
- Interest + MI left
- $321,112
- First ends
- Oct 2050
New loan
New conventional
$2,614/mo
+$1,235/mo- Down payment
- $35,496
- Funds due
- $43,802
- Interest + MI left
- $476,752
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $176,404 | $176,404 | $314,404 |
| Second mortgage | — | $138,000 | — |
| First P&I | $860.22 | $860.22 | $2,176.87 |
| Second P&I | — | $1,012.60 | — |
| Mortgage insurance | $144.89 | $144.89 | $62.88 |
| Taxes, insurance & HOA | $374.50 | $374.50 | $374.50 |
| Total housing payment | $1,379.61 | $2,392.21 | $2,614.25 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,496
Closing costs & prepaids$11,692
Usable credit−$0
Total buyer cash needed$47,188
Earnest money paid−$0
Remaining funds due$47,188
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,499.00
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)$226.50
Initial HOA (3 months)$447.00
Prepaid interest, first (1 days)$14.40
Prepaid interest, second (1 days)$30.25
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 2.980%
Interest already paid$34,643Through Nov 2026
Assumption only · ends Oct 2050$94,578
Assumption + second · ends Oct 2050, second Dec 2056$321,112
New conventional · ends Dec 2056$476,752