Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,670/mo
Lowest payment- Down payment
- $232,563
- Funds due
- $244,299
- Interest + MI left
- $45,491
- First ends
- Apr 2043
Assumption
Assumption + second
$3,122/mo
+$1,453/mo- Down payment
- $34,563
- Funds due
- $47,636
- Interest + MI left
- $370,518
- First ends
- Apr 2043
New loan
New conventional
$3,019/mo
+$1,350/mo- Down payment
- $34,563
- Funds due
- $44,258
- Interest + MI left
- $461,638
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $106,437 | $106,437 | $304,437 |
| Second mortgage | — | $198,000 | — |
| First P&I | $706.31 | $706.31 | $2,107.86 |
| Second P&I | — | $1,452.85 | — |
| Mortgage insurance | $112.67 | $112.67 | $60.89 |
| Taxes, insurance & HOA | $850.67 | $850.67 | $850.67 |
| Total housing payment | $1,669.64 | $3,122.50 | $3,019.41 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,563
Closing costs & prepaids$13,074
Usable credit−$0
Total buyer cash needed$47,636
Earnest money paid−$0
Remaining funds due$47,636
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,390.00
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)$740.00
Initial HOA (3 months)$1,362.00
Prepaid interest, first (2 days)$19.89
Prepaid interest, second (2 days)$86.79
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 5 moOf the original 30-year loan at 3.410%
Interest already paid$62,500Through Nov 2026
Assumption only · ends Apr 2043$45,491
Assumption + second · ends Apr 2043, second Dec 2056$370,518
New conventional · ends Dec 2056$461,638