Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,428/mo
Lowest payment- Down payment
- $261,031
- Funds due
- $271,643
- Interest + MI left
- $45,882
- First ends
- Jul 2039
Assumption
Assumption + second
$3,032/mo
+$1,605/mo- Down payment
- $37,031
- Funds due
- $48,940
- Interest + MI left
- $399,597
- First ends
- Jul 2039
New loan
New conventional
$2,727/mo
+$1,300/mo- Down payment
- $37,031
- Funds due
- $45,525
- Interest + MI left
- $497,321
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $103,969 | $103,969 | $327,969 |
| Second mortgage | — | $224,000 | — |
| First P&I | $913.17 | $913.17 | $2,270.79 |
| Second P&I | — | $1,604.76 | — |
| Mortgage insurance | $123.57 | $123.57 | $65.59 |
| Taxes, insurance & HOA | $390.92 | $390.92 | $390.92 |
| Total housing payment | $1,427.65 | $3,032.41 | $2,727.30 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,031
Closing costs & prepaids$11,909
Usable credit−$0
Total buyer cash needed$48,940
Earnest money paid−$0
Remaining funds due$48,940
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,650.00
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)$722.75
Prepaid interest, first (1 days)$13.62
Prepaid interest, second (1 days)$47.56
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 closing12 yr 8 moOf the original 30-year loan at 4.780%
Interest already paid$119,458Through Nov 2026
Assumption only · ends Jul 2039$45,882
Assumption + second · ends Jul 2039, second Dec 2056$399,597
New conventional · ends Dec 2056$497,321