Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,259/mo
Lowest payment- Down payment
- $242,390
- Funds due
- $252,032
- Interest + MI left
- $17,259
- First ends
- Jul 2033
Assumption
Assumption + second
$2,778/mo
+$1,519/mo- Down payment
- $30,390
- Funds due
- $41,552
- Interest + MI left
- $352,025
- First ends
- Jul 2033
New loan
New conventional
$2,150/mo
+$891/mo- Down payment
- $30,390
- Funds due
- $38,189
- Interest + MI left
- $394,214
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $57,610 | $57,610 | $269,610 |
| Second mortgage | — | $212,000 | — |
| First P&I | $884.52 | $884.52 | $1,826.43 |
| Second P&I | — | $1,518.79 | — |
| Mortgage insurance | $104.50 | $104.50 | $53.92 |
| Taxes, insurance & HOA | $270.00 | $270.00 | $270.00 |
| Total housing payment | $1,259.02 | $2,777.81 | $2,150.35 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,390
Closing costs & prepaids$11,162
Usable credit−$0
Total buyer cash needed$41,552
Earnest money paid−$0
Remaining funds due$41,552
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,000.00
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)$360.00
Prepaid interest, first (6 days)$56.82
Prepaid interest, second (6 days)$270.08
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 closing6 yr 7 moOf the original 30-year loan at 6%
Interest already paid$158,629Through Dec 2026
Assumption only · ends Jul 2033$17,259
Assumption + second · ends Jul 2033, second Jan 2057$352,025
New conventional · ends Jan 2057$394,214