Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,937/mo
Lowest payment- Down payment
- $302,545
- Funds due
- $315,508
- Interest + MI left
- $130,512
- First ends
- Dec 2048
Assumption
Assumption + second
$3,764/mo
+$1,827/mo- Down payment
- $47,545
- Funds due
- $61,813
- Interest + MI left
- $533,178
- First ends
- Dec 2048
New loan
New conventional
$3,783/mo
+$1,846/mo- Down payment
- $47,545
- Funds due
- $58,297
- Interest + MI left
- $648,113
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $172,355 | $172,355 | $427,355 |
| Second mortgage | — | $255,000 | — |
| First P&I | $1,056.08 | $1,056.08 | $2,958.92 |
| Second P&I | — | $1,826.85 | — |
| Mortgage insurance | $142.58 | $142.58 | $85.47 |
| Taxes, insurance & HOA | $738.83 | $738.83 | $738.83 |
| Total housing payment | $1,937.49 | $3,764.34 | $3,783.22 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$47,545
Closing costs & prepaids$14,267
Usable credit−$0
Total buyer cash needed$61,813
Earnest money paid−$0
Remaining funds due$61,813
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,749.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$1,716.50
Prepaid interest, first (1 days)$22.67
Prepaid interest, second (1 days)$54.14
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 closing22 yr 1 moOf the original 30-year loan at 4.800%
Interest already paid$71,396Through Nov 2026
Assumption only · ends Dec 2048$130,512
Assumption + second · ends Dec 2048, second Dec 2056$533,178
New conventional · ends Dec 2056$648,113