Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,394/mo
Lowest payment- Down payment
- $173,188
- Funds due
- $183,714
- Interest + MI left
- $85,558
- First ends
- Dec 2049
Assumption
Assumption + second
$2,428/mo
+$1,035/mo- Down payment
- $32,188
- Funds due
- $44,026
- Interest + MI left
- $317,017
- First ends
- Dec 2049
New loan
New conventional
$2,539/mo
+$1,146/mo- Down payment
- $32,188
- Funds due
- $40,679
- Interest + MI left
- $428,847
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $141,812 | $141,812 | $282,812 |
| Second mortgage | — | $141,000 | — |
| First P&I | $751.52 | $751.52 | $1,958.13 |
| Second P&I | — | $1,034.61 | — |
| Mortgage insurance | $117.67 | $117.67 | $56.56 |
| Taxes, insurance & HOA | $524.42 | $524.42 | $524.42 |
| Total housing payment | $1,393.60 | $2,428.21 | $2,539.11 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,188
Closing costs & prepaids$11,838
Usable credit−$0
Total buyer cash needed$44,026
Earnest money paid−$0
Remaining funds due$44,026
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,150.00
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)$118.25
Initial HOA (3 months)$1,005.00
Prepaid interest, first (2 days)$27.66
Prepaid interest, second (2 days)$61.81
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 1 moOf the original 30-year loan at 3.560%
Interest already paid$38,070Through Nov 2026
Assumption only · ends Dec 2049$85,558
Assumption + second · ends Dec 2049, second Dec 2056$317,017
New conventional · ends Dec 2056$428,847