Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,906/mo
Lowest payment- Down payment
- $189,392
- Funds due
- $200,683
- Interest + MI left
- $138,009
- First ends
- Jun 2048
Assumption
Assumption + second
$3,006/mo
+$1,101/mo- Down payment
- $39,392
- Funds due
- $51,966
- Interest + MI left
- $384,242
- First ends
- Jun 2048
New loan
New conventional
$3,028/mo
+$1,123/mo- Down payment
- $39,392
- Funds due
- $48,536
- Interest + MI left
- $531,650
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $200,608 | $200,608 | $350,608 |
| Second mortgage | — | $150,000 | — |
| First P&I | $1,205.39 | $1,205.39 | $2,427.54 |
| Second P&I | — | $1,100.65 | — |
| Mortgage insurance | $169.70 | $169.70 | $70.12 |
| Taxes, insurance & HOA | $530.75 | $530.75 | $530.75 |
| Total housing payment | $1,905.84 | $3,006.49 | $3,028.41 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,392
Closing costs & prepaids$12,575
Usable credit−$0
Total buyer cash needed$51,966
Earnest money paid−$0
Remaining funds due$51,966
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,900.00
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)$1,117.25
Initial HOA (3 months)$24.99
Prepaid interest, first (1 days)$24.40
Prepaid interest, second (1 days)$32.88
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 7 moOf the original 30-year loan at 4.440%
Interest already paid$82,773Through Nov 2026
Assumption only · ends Jun 2048$138,009
Assumption + second · ends Jun 2048, second Dec 2056$384,242
New conventional · ends Dec 2056$531,650