Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,953/mo
Lowest payment- Down payment
- $228,967
- Funds due
- $241,389
- Interest + MI left
- $104,943
- First ends
- Nov 2038
Assumption
Assumption + second
$4,318/mo
+$1,365/mo- Down payment
- $42,967
- Funds due
- $56,721
- Interest + MI left
- $410,272
- First ends
- Nov 2038
New loan
New conventional
$3,497/mo
+$544/mo- Down payment
- $42,967
- Funds due
- $53,246
- Interest + MI left
- $579,151
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $195,933 | $195,933 | $381,933 |
| Second mortgage | — | $186,000 | — |
| First P&I | $1,955.90 | $1,955.90 | $2,644.43 |
| Second P&I | — | $1,364.80 | — |
| Mortgage insurance | $220.80 | $220.80 | $76.39 |
| Taxes, insurance & HOA | $776.50 | $776.50 | $776.50 |
| Total housing payment | $2,953.19 | $4,318.00 | $3,497.31 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,967
Closing costs & prepaids$13,754
Usable credit−$0
Total buyer cash needed$56,721
Earnest money paid−$0
Remaining funds due$56,721
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,249.00
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)$1,879.50
Prepaid interest, first (2 days)$69.03
Prepaid interest, second (2 days)$81.53
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 closing12 yrOf the original 30-year loan at 6.430%
Interest already paid$306,696Through Nov 2026
Assumption only · ends Nov 2038$104,943
Assumption + second · ends Nov 2038, second Dec 2056$410,272
New conventional · ends Dec 2056$579,151