Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,199/mo
Lowest payment- Down payment
- $138,736
- Funds due
- $148,209
- Interest + MI left
- $92,346
- First ends
- May 2049
Assumption
Assumption + second
$2,013/mo
+$814/mo- Down payment
- $27,736
- Funds due
- $38,483
- Interest + MI left
- $274,558
- First ends
- May 2049
New loan
New conventional
$2,053/mo
+$854/mo- Down payment
- $27,736
- Funds due
- $35,166
- Interest + MI left
- $367,161
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $131,164 | $131,164 | $242,164 |
| Second mortgage | — | $111,000 | — |
| First P&I | $762.52 | $762.52 | $1,676.69 |
| Second P&I | — | $814.48 | — |
| Mortgage insurance | $108.50 | $108.50 | $48.43 |
| Taxes, insurance & HOA | $328.00 | $328.00 | $328.00 |
| Total housing payment | $1,199.02 | $2,013.50 | $2,053.13 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$27,736
Closing costs & prepaids$10,748
Usable credit−$0
Total buyer cash needed$38,483
Earnest money paid−$0
Remaining funds due$38,483
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,699.00
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)$534.00
Prepaid interest, first (1 days)$15.63
Prepaid interest, second (1 days)$24.33
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 closing22 yr 6 moOf the original 30-year loan at 4.350%
Interest already paid$46,617Through Nov 2026
Assumption only · ends May 2049$92,346
Assumption + second · ends May 2049, second Dec 2056$274,558
New conventional · ends Dec 2056$367,161