Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,669/mo
Lowest payment- Down payment
- $300,501
- Funds due
- $312,915
- Interest + MI left
- $64,859
- First ends
- Apr 2046
Assumption
Assumption + second
$3,467/mo
+$1,798/mo- Down payment
- $49,501
- Funds due
- $63,271
- Interest + MI left
- $461,209
- First ends
- Apr 2046
New loan
New conventional
$3,643/mo
+$1,975/mo- Down payment
- $49,501
- Funds due
- $59,776
- Interest + MI left
- $667,958
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $189,499 | $189,499 | $440,499 |
| Second mortgage | — | $251,000 | — |
| First P&I | $1,000.07 | $1,000.07 | $3,049.93 |
| Second P&I | — | $1,798.19 | — |
| Mortgage insurance | $163.35 | $163.35 | $88.10 |
| Taxes, insurance & HOA | $505.33 | $505.33 | $505.33 |
| Total housing payment | $1,668.76 | $3,466.95 | $3,643.36 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$49,501
Closing costs & prepaids$13,770
Usable credit−$0
Total buyer cash needed$63,271
Earnest money paid−$0
Remaining funds due$63,271
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,900.00
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)$1,008.50
Initial HOA (3 months)$7.50
Prepaid interest, first (2 days)$22.84
Prepaid interest, second (2 days)$106.59
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 closing19 yr 5 moOf the original 25-year loan at 2.200%
Interest already paid$25,891Through Nov 2026
Assumption only · ends Apr 2046$64,859
Assumption + second · ends Apr 2046, second Dec 2056$461,209
New conventional · ends Dec 2056$667,958