Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,482/mo
Lowest payment- Down payment
- $208,372
- Funds due
- $220,848
- Interest + MI left
- $223,598
- First ends
- Dec 2048
Assumption
Assumption + second
$3,626/mo
+$1,145/mo- Down payment
- $52,372
- Funds due
- $66,303
- Interest + MI left
- $479,680
- First ends
- Dec 2048
New loan
New conventional
$3,599/mo
+$1,117/mo- Down payment
- $52,372
- Funds due
- $62,837
- Interest + MI left
- $676,346
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $306,628 | $306,628 | $462,628 |
| Second mortgage | — | $156,000 | — |
| First P&I | $1,853.79 | $1,853.79 | $3,134.00 |
| Second P&I | — | $1,144.67 | — |
| Mortgage insurance | $255.25 | $255.25 | $92.53 |
| Taxes, insurance & HOA | $372.67 | $372.67 | $372.67 |
| Total housing payment | $2,481.71 | $3,626.38 | $3,599.20 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$52,372
Closing costs & prepaids$13,932
Usable credit−$0
Total buyer cash needed$66,303
Earnest money paid−$0
Remaining funds due$66,303
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,150.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$618.00
Prepaid interest, first (6 days)$233.37
Prepaid interest, second (6 days)$205.15
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 closing22 yrOf the original 30-year loan at 4.63%
Interest already paid$124,240Through Dec 2026
Assumption only · ends Dec 2048$223,598
Assumption + second · ends Dec 2048, second Jan 2057$479,680
New conventional · ends Jan 2057$676,346