Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,605/mo
Lowest payment- Down payment
- $195,232
- Funds due
- $205,978
- Interest + MI left
- $111,461
- First ends
- Feb 2048
Assumption
Assumption + second
$2,757/mo
+$1,152/mo- Down payment
- $38,232
- Funds due
- $50,297
- Interest + MI left
- $369,185
- First ends
- Feb 2048
New loan
New conventional
$2,812/mo
+$1,208/mo- Down payment
- $38,232
- Funds due
- $46,896
- Interest + MI left
- $518,314
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $184,768 | $184,768 | $341,768 |
| Second mortgage | — | $157,000 | — |
| First P&I | $1,066.95 | $1,066.95 | $2,366.33 |
| Second P&I | — | $1,152.01 | — |
| Mortgage insurance | $160.23 | $160.23 | $68.35 |
| Taxes, insurance & HOA | $377.42 | $377.42 | $377.42 |
| Total housing payment | $1,604.59 | $2,756.60 | $2,812.10 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,232
Closing costs & prepaids$12,066
Usable credit−$0
Total buyer cash needed$50,297
Earnest money paid−$0
Remaining funds due$50,297
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,800.00
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)$682.25
Prepaid interest, first (2 days)$39.48
Prepaid interest, second (2 days)$68.82
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 3 moOf the original 30-year loan at 3.900%
Interest already paid$70,591Through Nov 2026
Assumption only · ends Feb 2048$111,461
Assumption + second · ends Feb 2048, second Dec 2056$369,185
New conventional · ends Dec 2056$518,314