Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,416/mo
Lowest payment- Down payment
- $149,858
- Funds due
- $159,478
- Interest + MI left
- $24,566
- First ends
- Jul 2037
Assumption
Assumption + second
$2,334/mo
+$917/mo- Down payment
- $24,858
- Funds due
- $35,782
- Interest + MI left
- $229,760
- First ends
- Jul 2037
New loan
New conventional
$2,009/mo
+$592/mo- Down payment
- $24,858
- Funds due
- $32,500
- Interest + MI left
- $326,191
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $90,142 | $90,142 | $215,142 |
| Second mortgage | — | $125,000 | — |
| First P&I | $836.39 | $836.39 | $1,489.60 |
| Second P&I | — | $917.21 | — |
| Mortgage insurance | $103.99 | $103.99 | $43.03 |
| Taxes, insurance & HOA | $476.08 | $476.08 | $476.08 |
| Total housing payment | $1,416.46 | $2,333.67 | $2,008.71 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$24,858
Closing costs & prepaids$10,924
Usable credit−$0
Total buyer cash needed$35,782
Earnest money paid−$0
Remaining funds due$35,782
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,400.00
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)$141.25
Initial HOA (3 months)$837.00
Prepaid interest, first (2 days)$16.30
Prepaid interest, second (2 days)$54.79
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 closing10 yr 8 moOf the original 20-year loan at 3.300%
Interest already paid$37,014Through Nov 2026
Assumption only · ends Jul 2037$24,566
Assumption + second · ends Jul 2037, second Dec 2056$229,760
New conventional · ends Dec 2056$326,191