Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,076/mo
Lowest payment- Down payment
- $273,935
- Funds due
- $284,613
- Interest + MI left
- $33,976
- First ends
- Jan 2043
Assumption
Assumption + second
$2,781/mo
+$1,705/mo- Down payment
- $35,935
- Funds due
- $47,964
- Interest + MI left
- $409,798
- First ends
- Jan 2043
New loan
New conventional
$2,719/mo
+$1,643/mo- Down payment
- $35,935
- Funds due
- $44,568
- Interest + MI left
- $483,820
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $81,065 | $81,065 | $319,065 |
| Second mortgage | — | $238,000 | — |
| First P&I | $542.95 | $542.95 | $2,209.14 |
| Second P&I | — | $1,705.06 | — |
| Mortgage insurance | $86.94 | $86.94 | $63.81 |
| Taxes, insurance & HOA | $445.83 | $445.83 | $445.83 |
| Total housing payment | $1,075.72 | $2,780.78 | $2,718.79 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,935
Closing costs & prepaids$12,029
Usable credit−$0
Total buyer cash needed$47,964
Earnest money paid−$0
Remaining funds due$47,964
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,550.00
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)$887.50
Prepaid interest, first (2 days)$15.01
Prepaid interest, second (2 days)$101.07
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 closing16 yr 2 moOf the original 30-year loan at 3.380%
Interest already paid$48,459Through Nov 2026
Assumption only · ends Jan 2043$33,976
Assumption + second · ends Jan 2043, second Dec 2056$409,798
New conventional · ends Dec 2056$483,820