Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,443/mo
Lowest payment- Down payment
- $234,203
- Funds due
- $245,148
- Interest + MI left
- $87,011
- First ends
- Apr 2047
Assumption
Assumption + second
$2,881/mo
+$1,438/mo- Down payment
- $38,203
- Funds due
- $50,484
- Interest + MI left
- $408,755
- First ends
- Apr 2047
New loan
New conventional
$2,862/mo
+$1,419/mo- Down payment
- $38,203
- Funds due
- $47,070
- Interest + MI left
- $510,708
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $140,797 | $140,797 | $336,797 |
| Second mortgage | — | $196,000 | — |
| First P&I | $856.06 | $856.06 | $2,331.91 |
| Second P&I | — | $1,438.18 | — |
| Mortgage insurance | $124.15 | $124.15 | $67.36 |
| Taxes, insurance & HOA | $462.50 | $462.50 | $462.50 |
| Total housing payment | $1,442.70 | $2,880.88 | $2,861.77 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,203
Closing costs & prepaids$12,281
Usable credit−$0
Total buyer cash needed$50,484
Earnest money paid−$0
Remaining funds due$50,484
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,750.00
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)$937.50
Prepaid interest, first (2 days)$32.33
Prepaid interest, second (2 days)$85.92
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 closing20 yr 5 moOf the original 30-year loan at 4.190%
Interest already paid$63,977Through Nov 2026
Assumption only · ends Apr 2047$87,011
Assumption + second · ends Apr 2047, second Dec 2056$408,755
New conventional · ends Dec 2056$510,708