Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,495/mo
Lowest payment- Down payment
- $267,626
- Funds due
- $279,086
- Interest + MI left
- $47,468
- First ends
- Feb 2043
Assumption
Assumption + second
$3,136/mo
+$1,641/mo- Down payment
- $38,626
- Funds due
- $51,385
- Interest + MI left
- $409,078
- First ends
- Feb 2043
New loan
New conventional
$3,057/mo
+$1,561/mo- Down payment
- $38,626
- Funds due
- $47,959
- Interest + MI left
- $517,497
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $112,274 | $112,274 | $341,274 |
| Second mortgage | — | $229,000 | — |
| First P&I | $750.19 | $750.19 | $2,362.91 |
| Second P&I | — | $1,640.58 | — |
| Mortgage insurance | $119.82 | $119.82 | $68.25 |
| Taxes, insurance & HOA | $625.42 | $625.42 | $625.42 |
| Total housing payment | $1,495.43 | $3,136.01 | $3,056.58 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,626
Closing costs & prepaids$12,759
Usable credit−$0
Total buyer cash needed$51,385
Earnest money paid−$0
Remaining funds due$51,385
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,799.00
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)$544.25
Initial HOA (3 months)$882.00
Prepaid interest, first (1 days)$10.46
Prepaid interest, second (1 days)$48.62
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 closing16 yr 3 moOf the original 30-year loan at 3.400%
Interest already paid$66,896Through Nov 2026
Assumption only · ends Feb 2043$47,468
Assumption + second · ends Feb 2043, second Dec 2056$409,078
New conventional · ends Dec 2056$517,497