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
- $51,590
- Funds due
- $61,843
- Interest + MI left
- $68,402
- First ends
- Jul 2050
Assumption
Assumption + second
$1,882/mo
+$274/mo- Down payment
- $17,590
- Funds due
- $29,135
- Interest + MI left
- $132,888
- First ends
- Jul 2050
New loan
New conventional
$1,971/mo
+$362/mo- Down payment
- $17,590
- Funds due
- $25,963
- Interest + MI left
- $222,641
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $118,310 | $118,310 | $152,310 |
| Second mortgage | — | $34,000 | — |
| First P&I | $602.79 | $602.79 | $1,031.80 |
| Second P&I | — | $273.57 | — |
| Mortgage insurance | $97.37 | $97.37 | $30.46 |
| Taxes, insurance & HOA | $908.42 | $908.42 | $908.42 |
| Total housing payment | $1,608.58 | $1,882.15 | $1,970.68 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$17,590
Closing costs & prepaids$11,545
Usable credit−$0
Total buyer cash needed$29,135
Earnest money paid−$0
Remaining funds due$29,135
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,699.00
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)$433.25
Initial HOA (3 months)$1,842.00
Prepaid interest, first (5 days)$53.64
Prepaid interest, second (5 days)$41.92
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 5 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 7 moOf the original 30-year loan at 3.31%
Interest already paid$27,260Through Dec 2026
Assumption only · ends Jul 2050$68,402
Assumption + second · ends Jul 2050, second Jan 2057$132,888
New conventional · ends Jan 2057$222,641