Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$504/mo
Lowest payment- Down payment
- $112,884
- Funds due
- $120,916
- Interest + MI left
- $25,571
- First ends
- Jun 2048
Assumption
Assumption + second
$1,284/mo
+$780/mo- Down payment
- $15,884
- Funds due
- $25,214
- Interest + MI left
- $209,545
- First ends
- Jun 2048
New loan
New conventional
$1,204/mo
+$701/mo- Down payment
- $15,884
- Funds due
- $22,003
- Interest + MI left
- $203,137
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $37,016 | $37,016 | $134,016 |
| Second mortgage | — | $97,000 | — |
| First P&I | $222.82 | $222.82 | $927.90 |
| Second P&I | — | $780.48 | — |
| Mortgage insurance | $31.30 | $31.30 | $26.80 |
| Taxes, insurance & HOA | $249.75 | $249.75 | $249.75 |
| Total housing payment | $503.87 | $1,284.36 | $1,204.45 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$15,884
Closing costs & prepaids$9,330
Usable credit−$0
Total buyer cash needed$25,214
Earnest money paid−$0
Remaining funds due$25,214
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,499.00
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)$149.25
Initial HOA (3 months)$150.00
Prepaid interest, first (2 days)$9.05
Prepaid interest, second (2 days)$47.84
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 closing21 yr 7 moOf the original 30-year loan at 4.460%
Interest already paid$15,338Through Nov 2026
Assumption only · ends Jun 2048$25,571
Assumption + second · ends Jun 2048, second Dec 2056$209,545
New conventional · ends Dec 2056$203,137