Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,910/mo
+$57/mo- Down payment
- $183,186
- Funds due
- $194,245
- Interest + MI left
- $57,065
- First ends
- Jul 2035
Assumption
Assumption + second
$3,988/mo
+$1,136/mo- Down payment
- $36,186
- Funds due
- $48,559
- Interest + MI left
- $298,374
- First ends
- Jul 2035
New loan
New conventional
$2,853/mo
Lowest payment- Down payment
- $36,186
- Funds due
- $45,168
- Interest + MI left
- $491,086
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $176,814 | $176,814 | $323,814 |
| Second mortgage | — | $147,000 | — |
| First P&I | $2,083.25 | $2,083.25 | $2,242.02 |
| Second P&I | — | $1,078.63 | — |
| Mortgage insurance | $280.61 | $280.61 | $64.76 |
| Taxes, insurance & HOA | $545.83 | $545.83 | $545.83 |
| Total housing payment | $2,909.69 | $3,988.33 | $2,852.62 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,186
Closing costs & prepaids$12,374
Usable credit−$0
Total buyer cash needed$48,559
Earnest money paid−$0
Remaining funds due$48,559
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,600.00
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)$1,187.50
Prepaid interest, first (2 days)$46.70
Prepaid interest, second (2 days)$64.44
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 closing8 yr 8 moOf the original 30-year loan at 4.820%
Interest already paid$313,977Through Nov 2026
Assumption only · ends Jul 2035$57,065
Assumption + second · ends Jul 2035, second Dec 2056$298,374
New conventional · ends Dec 2056$491,086