Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,883/mo
Lowest payment- Down payment
- $193,717
- Funds due
- $205,322
- Interest + MI left
- $146,476
- First ends
- Jun 2050
Assumption
Assumption + second
$2,976/mo
+$1,093/mo- Down payment
- $44,717
- Funds due
- $57,866
- Interest + MI left
- $391,067
- First ends
- Jun 2050
New loan
New conventional
$3,160/mo
+$1,277/mo- Down payment
- $44,717
- Funds due
- $54,565
- Interest + MI left
- $576,428
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $245,283 | $245,283 | $394,283 |
| Second mortgage | — | $149,000 | — |
| First P&I | $1,270.71 | $1,270.71 | $2,671.01 |
| Second P&I | — | $1,093.31 | — |
| Mortgage insurance | $201.70 | $201.70 | $78.86 |
| Taxes, insurance & HOA | $410.58 | $410.58 | $410.58 |
| Total housing payment | $1,882.99 | $2,976.30 | $3,160.45 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$44,717
Closing costs & prepaids$13,149
Usable credit−$0
Total buyer cash needed$57,866
Earnest money paid−$0
Remaining funds due$57,866
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,390.00
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)$526.75
Initial HOA (3 months)$255.00
Prepaid interest, first (9 days)$208.66
Prepaid interest, second (9 days)$293.92
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 6 moOf the original 30-year loan at 3.45%
Interest already paid$59,651Through Dec 2026
Assumption only · ends Jun 2050$146,476
Assumption + second · ends Jun 2050, second Jan 2057$391,067
New conventional · ends Jan 2057$576,428