Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,784/mo
Lowest payment- Down payment
- $192,569
- Funds due
- $203,528
- Interest + MI left
- $130,700
- First ends
- Oct 2047
Assumption
Assumption + second
$2,892/mo
+$1,108/mo- Down payment
- $41,569
- Funds due
- $53,976
- Interest + MI left
- $378,574
- First ends
- Oct 2047
New loan
New conventional
$2,884/mo
+$1,099/mo- Down payment
- $41,569
- Funds due
- $50,605
- Interest + MI left
- $538,707
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $217,431 | $217,431 | $368,431 |
| Second mortgage | — | $151,000 | — |
| First P&I | $1,279.78 | $1,279.78 | $2,495.88 |
| Second P&I | — | $1,107.98 | — |
| Mortgage insurance | $190.57 | $190.57 | $73.69 |
| Taxes, insurance & HOA | $314.00 | $314.00 | $314.00 |
| Total housing payment | $1,784.34 | $2,892.33 | $2,883.57 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$41,569
Closing costs & prepaids$12,407
Usable credit−$0
Total buyer cash needed$53,976
Earnest money paid−$0
Remaining funds due$53,976
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,100.00
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)$492.00
Prepaid interest, first (6 days)$141.90
Prepaid interest, second (6 days)$198.58
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 closing20 yr 10 moOf the original 30-year loan at 3.97%
Interest already paid$89,170Through Dec 2026
Assumption only · ends Oct 2047$130,700
Assumption + second · ends Oct 2047, second Jan 2057$378,574
New conventional · ends Jan 2057$538,707