Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$566/mo
Lowest payment- Down payment
- $263,896
- Funds due
- $273,600
- Interest + MI left
- $18,432
- First ends
- Jun 2045
Assumption
Assumption + second
$2,235/mo
+$1,669/mo- Down payment
- $30,896
- Funds due
- $41,949
- Interest + MI left
- $386,359
- First ends
- Jun 2045
New loan
New conventional
$2,224/mo
+$1,658/mo- Down payment
- $30,896
- Funds due
- $38,592
- Interest + MI left
- $407,855
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $36,004 | $36,004 | $269,004 |
| Second mortgage | — | $233,000 | — |
| First P&I | $224.06 | $224.06 | $1,862.53 |
| Second P&I | — | $1,669.24 | — |
| Mortgage insurance | $34.35 | $34.35 | $53.80 |
| Taxes, insurance & HOA | $307.42 | $307.42 | $307.42 |
| Total housing payment | $565.83 | $2,235.07 | $2,223.75 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,896
Closing costs & prepaids$11,053
Usable credit−$0
Total buyer cash needed$41,949
Earnest money paid−$0
Remaining funds due$41,949
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,999.00
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)$472.25
Prepaid interest, first (2 days)$7.36
Prepaid interest, second (2 days)$98.95
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 closing18 yr 7 moOf the original 30-year loan at 3.730%
Interest already paid$18,200Through Nov 2026
Assumption only · ends Jun 2045$18,432
Assumption + second · ends Jun 2045, second Dec 2056$386,359
New conventional · ends Dec 2056$407,855