Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,519/mo
Lowest payment- Down payment
- $279,627
- Funds due
- $291,177
- Interest + MI left
- $97,178
- First ends
- Feb 2048
Assumption
Assumption + second
$3,203/mo
+$1,684/mo- Down payment
- $44,627
- Funds due
- $57,477
- Interest + MI left
- $468,263
- First ends
- Feb 2048
New loan
New conventional
$3,269/mo
+$1,750/mo- Down payment
- $44,627
- Funds due
- $53,993
- Interest + MI left
- $599,531
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $160,373 | $160,373 | $395,373 |
| Second mortgage | — | $235,000 | — |
| First P&I | $927.78 | $927.78 | $2,737.48 |
| Second P&I | — | $1,683.57 | — |
| Mortgage insurance | $138.99 | $138.99 | $79.07 |
| Taxes, insurance & HOA | $452.42 | $452.42 | $452.42 |
| Total housing payment | $1,519.18 | $3,202.75 | $3,268.97 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$44,627
Closing costs & prepaids$12,849
Usable credit−$0
Total buyer cash needed$57,477
Earnest money paid−$0
Remaining funds due$57,477
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,400.00
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)$907.25
Prepaid interest, first (1 days)$17.22
Prepaid interest, second (1 days)$49.90
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 closing21 yr 3 moOf the original 30-year loan at 3.920%
Interest already paid$61,565Through Nov 2026
Assumption only · ends Feb 2048$97,178
Assumption + second · ends Feb 2048, second Dec 2056$468,263
New conventional · ends Dec 2056$599,531