Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,337/mo
Lowest payment- Down payment
- $301,773
- Funds due
- $313,060
- Interest + MI left
- $67,756
- First ends
- Jun 2045
Assumption
Assumption + second
$3,186/mo
+$1,848/mo- Down payment
- $43,773
- Funds due
- $56,365
- Interest + MI left
- $475,160
- First ends
- Jun 2045
New loan
New conventional
$3,170/mo
+$1,833/mo- Down payment
- $43,773
- Funds due
- $52,889
- Interest + MI left
- $593,322
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $133,227 | $133,227 | $391,227 |
| Second mortgage | — | $258,000 | — |
| First P&I | $827.06 | $827.06 | $2,708.78 |
| Second P&I | — | $1,848.34 | — |
| Mortgage insurance | $127.28 | $127.28 | $78.25 |
| Taxes, insurance & HOA | $383.00 | $383.00 | $383.00 |
| Total housing payment | $1,337.34 | $3,185.69 | $3,170.02 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,773
Closing costs & prepaids$12,592
Usable credit−$0
Total buyer cash needed$56,365
Earnest money paid−$0
Remaining funds due$56,365
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,350.00
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)$585.00
Initial HOA (3 months)$114.00
Prepaid interest, first (1 days)$13.51
Prepaid interest, second (1 days)$54.78
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 closing18 yr 7 moOf the original 30-year loan at 3.700%
Interest already paid$66,849Through Nov 2026
Assumption only · ends Jun 2045$67,756
Assumption + second · ends Jun 2045, second Dec 2056$475,160
New conventional · ends Dec 2056$593,322