Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,571/mo
Lowest payment- Down payment
- $82,866
- Funds due
- $92,637
- Interest + MI left
- $116,242
- First ends
- Nov 2049
Assumption
Assumption + second
$2,013/mo
+$443/mo- Down payment
- $27,866
- Funds due
- $38,955
- Interest + MI left
- $220,557
- First ends
- Nov 2049
New loan
New conventional
$2,107/mo
+$537/mo- Down payment
- $27,866
- Funds due
- $35,707
- Interest + MI left
- $361,351
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $192,134 | $192,134 | $247,134 |
| Second mortgage | — | $55,000 | — |
| First P&I | $1,027.04 | $1,027.04 | $1,674.17 |
| Second P&I | — | $442.54 | — |
| Mortgage insurance | $160.01 | $160.01 | $49.43 |
| Taxes, insurance & HOA | $383.75 | $383.75 | $383.75 |
| Total housing payment | $1,570.81 | $2,013.35 | $2,107.35 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$27,866
Closing costs & prepaids$11,089
Usable credit−$0
Total buyer cash needed$38,955
Earnest money paid−$0
Remaining funds due$38,955
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,750.00
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)$701.25
Prepaid interest, first (5 days)$94.75
Prepaid interest, second (5 days)$67.81
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 closing22 yr 11 moOf the original 30-year loan at 3.6%
Interest already paid$53,532Through Dec 2026
Assumption only · ends Nov 2049$116,242
Assumption + second · ends Nov 2049, second Jan 2057$220,557
New conventional · ends Jan 2057$361,351