Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,593/mo
Lowest payment- Down payment
- $313,211
- Funds due
- $324,650
- Interest + MI left
- $50,431
- First ends
- Feb 2039
Assumption
Assumption + second
$3,535/mo
+$1,941/mo- Down payment
- $42,211
- Funds due
- $55,015
- Interest + MI left
- $478,362
- First ends
- Feb 2039
New loan
New conventional
$3,165/mo
+$1,571/mo- Down payment
- $42,211
- Funds due
- $51,548
- Interest + MI left
- $571,426
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $105,789 | $105,789 | $376,789 |
| Second mortgage | — | $271,000 | — |
| First P&I | $989.07 | $989.07 | $2,608.81 |
| Second P&I | — | $1,941.48 | — |
| Mortgage insurance | $123.80 | $123.80 | $75.36 |
| Taxes, insurance & HOA | $480.50 | $480.50 | $480.50 |
| Total housing payment | $1,593.36 | $3,534.84 | $3,164.67 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,211
Closing costs & prepaids$12,803
Usable credit−$0
Total buyer cash needed$55,015
Earnest money paid−$0
Remaining funds due$55,015
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,190.00
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)$991.50
Prepaid interest, first (2 days)$31.71
Prepaid interest, second (2 days)$115.08
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 yr 3 moOf the original 30-year loan at 5.470%
Interest already paid$141,685Through Nov 2026
Assumption only · ends Feb 2039$50,431
Assumption + second · ends Feb 2039, second Dec 2056$478,362
New conventional · ends Dec 2056$571,426