Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,314/mo
Lowest payment- Down payment
- $247,284
- Funds due
- $257,886
- Interest + MI left
- $47,206
- First ends
- Nov 2041
Assumption
Assumption + second
$2,833/mo
+$1,519/mo- Down payment
- $35,284
- Funds due
- $47,226
- Interest + MI left
- $381,972
- First ends
- Nov 2041
New loan
New conventional
$2,676/mo
+$1,363/mo- Down payment
- $35,284
- Funds due
- $43,837
- Interest + MI left
- $477,288
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $102,716 | $102,716 | $314,716 |
| Second mortgage | — | $212,000 | — |
| First P&I | $767.52 | $767.52 | $2,179.03 |
| Second P&I | — | $1,518.79 | — |
| Mortgage insurance | $111.84 | $111.84 | $62.94 |
| Taxes, insurance & HOA | $434.50 | $434.50 | $434.50 |
| Total housing payment | $1,313.86 | $2,832.66 | $2,676.47 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,284
Closing costs & prepaids$11,942
Usable credit−$0
Total buyer cash needed$47,226
Earnest money paid−$0
Remaining funds due$47,226
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,500.00
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)$853.50
Prepaid interest, first (2 days)$23.36
Prepaid interest, second (2 days)$90.03
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 closing15 yrOf the original 30-year loan at 4.150%
Interest already paid$82,977Through Nov 2026
Assumption only · ends Nov 2041$47,206
Assumption + second · ends Nov 2041, second Dec 2056$381,972
New conventional · ends Dec 2056$477,288