Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,866/mo
Lowest payment- Down payment
- $378,069
- Funds due
- $391,225
- Interest + MI left
- $110,266
- First ends
- Jan 2046
Assumption
Assumption + second
$4,151/mo
+$2,285/mo- Down payment
- $59,069
- Funds due
- $73,882
- Interest + MI left
- $613,994
- First ends
- Jan 2046
New loan
New conventional
$4,069/mo
+$2,203/mo- Down payment
- $59,069
- Funds due
- $70,326
- Interest + MI left
- $768,998
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $206,931 | $206,931 | $525,931 |
| Second mortgage | — | $319,000 | — |
| First P&I | $1,271.90 | $1,271.90 | $3,562.84 |
| Second P&I | — | $2,285.36 | — |
| Mortgage insurance | $193.35 | $193.35 | $105.19 |
| Taxes, insurance & HOA | $400.67 | $400.67 | $400.67 |
| Total housing payment | $1,865.91 | $4,151.27 | $4,068.69 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$59,069
Closing costs & prepaids$14,813
Usable credit−$0
Total buyer cash needed$73,882
Earnest money paid−$0
Remaining funds due$73,882
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,850.00
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)$702.00
Prepaid interest, first (6 days)$129.26
Prepaid interest, second (6 days)$406.40
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 closing19 yr 1 moOf the original 30-year loan at 3.8%
Interest already paid$100,586Through Dec 2026
Assumption only · ends Jan 2046$110,266
Assumption + second · ends Jan 2046, second Jan 2057$613,994
New conventional · ends Jan 2057$768,998