Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,229/mo
Lowest payment- Down payment
- $204,380
- Funds due
- $216,640
- Interest + MI left
- $187,336
- First ends
- Oct 2049
Assumption
Assumption + second
$3,359/mo
+$1,130/mo- Down payment
- $50,380
- Funds due
- $64,093
- Interest + MI left
- $440,135
- First ends
- Oct 2049
New loan
New conventional
$3,502/mo
+$1,273/mo- Down payment
- $50,380
- Funds due
- $60,682
- Interest + MI left
- $657,419
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $295,620 | $295,620 | $449,620 |
| Second mortgage | — | $154,000 | — |
| First P&I | $1,617.01 | $1,617.01 | $3,045.88 |
| Second P&I | — | $1,130.00 | — |
| Mortgage insurance | $245.51 | $245.51 | $89.92 |
| Taxes, insurance & HOA | $366.67 | $366.67 | $366.67 |
| Total housing payment | $2,229.19 | $3,359.19 | $3,502.47 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$50,380
Closing costs & prepaids$13,713
Usable credit−$0
Total buyer cash needed$64,093
Earnest money paid−$0
Remaining funds due$64,093
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,000.00
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)$600.00
Prepaid interest, first (6 days)$185.15
Prepaid interest, second (6 days)$202.52
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 10 moOf the original 30-year loan at 3.81%
Interest already paid$88,077Through Dec 2026
Assumption only · ends Oct 2049$187,336
Assumption + second · ends Oct 2049, second Jan 2057$440,135
New conventional · ends Jan 2057$657,419