Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,999/mo
Lowest payment- Down payment
- $135,982
- Funds due
- $146,734
- Interest + MI left
- $180,000
- First ends
- Apr 2049
Assumption
Assumption + second
$2,779/mo
+$780/mo- Down payment
- $38,982
- Funds due
- $51,127
- Interest + MI left
- $363,974
- First ends
- Apr 2049
New loan
New conventional
$2,737/mo
+$738/mo- Down payment
- $38,982
- Funds due
- $47,771
- Interest + MI left
- $509,883
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $251,718 | $251,718 | $348,718 |
| Second mortgage | — | $97,000 | — |
| First P&I | $1,485.03 | $1,485.03 | $2,362.34 |
| Second P&I | — | $780.48 | — |
| Mortgage insurance | $208.58 | $208.58 | $69.74 |
| Taxes, insurance & HOA | $305.08 | $305.08 | $305.08 |
| Total housing payment | $1,998.69 | $2,779.18 | $2,737.16 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,982
Closing costs & prepaids$12,145
Usable credit−$0
Total buyer cash needed$51,127
Earnest money paid−$0
Remaining funds due$51,127
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,877.00
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)$465.25
Prepaid interest, first (6 days)$184.55
Prepaid interest, second (6 days)$143.51
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 yr 4 moOf the original 30-year loan at 4.46%
Interest already paid$93,874Through Dec 2026
Assumption only · ends Apr 2049$180,000
Assumption + second · ends Apr 2049, second Jan 2057$363,974
New conventional · ends Jan 2057$509,883