Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,048/mo
Lowest payment- Down payment
- $195,004
- Funds due
- $206,418
- Interest + MI left
- $143,572
- First ends
- Jun 2047
Assumption
Assumption + second
$3,164/mo
+$1,115/mo- Down payment
- $43,004
- Funds due
- $55,702
- Interest + MI left
- $393,088
- First ends
- Jun 2047
New loan
New conventional
$3,175/mo
+$1,127/mo- Down payment
- $43,004
- Funds due
- $52,239
- Interest + MI left
- $579,246
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $229,996 | $229,996 | $381,996 |
| Second mortgage | — | $152,000 | — |
| First P&I | $1,392.46 | $1,392.46 | $2,644.86 |
| Second P&I | — | $1,115.32 | — |
| Mortgage insurance | $201.70 | $201.70 | $76.40 |
| Taxes, insurance & HOA | $454.17 | $454.17 | $454.17 |
| Total housing payment | $2,048.32 | $3,163.65 | $3,175.43 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,004
Closing costs & prepaids$12,697
Usable credit−$0
Total buyer cash needed$55,702
Earnest money paid−$0
Remaining funds due$55,702
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,250.00
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)$417.50
Initial HOA (3 months)$495.00
Prepaid interest, first (1 days)$26.47
Prepaid interest, second (1 days)$33.32
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 closing20 yr 7 moOf the original 30-year loan at 4.200%
Interest already paid$102,597Through Nov 2026
Assumption only · ends Jun 2047$143,572
Assumption + second · ends Jun 2047, second Dec 2056$393,088
New conventional · ends Dec 2056$579,246