Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,528/mo
Lowest payment- Down payment
- $300,522
- Funds due
- $311,877
- Interest + MI left
- $54,499
- First ends
- Jan 2041
Assumption
Assumption + second
$3,376/mo
+$1,848/mo- Down payment
- $42,522
- Funds due
- $55,511
- Interest + MI left
- $461,903
- First ends
- Jan 2041
New loan
New conventional
$3,078/mo
+$1,550/mo- Down payment
- $42,522
- Funds due
- $52,078
- Interest + MI left
- $559,246
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $124,478 | $124,478 | $382,478 |
| Second mortgage | — | $258,000 | — |
| First P&I | $976.37 | $976.37 | $2,591.04 |
| Second P&I | — | $1,848.34 | — |
| Mortgage insurance | $141.59 | $141.59 | $76.50 |
| Taxes, insurance & HOA | $410.00 | $410.00 | $410.00 |
| Total housing payment | $1,527.96 | $3,376.31 | $3,077.53 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,522
Closing costs & prepaids$12,988
Usable credit−$0
Total buyer cash needed$55,511
Earnest money paid−$0
Remaining funds due$55,511
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,250.00
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)$510.00
Initial HOA (3 months)$270.00
Prepaid interest, first (7 days)$100.03
Prepaid interest, second (7 days)$383.47
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 7 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 closing14 yr 1 moOf the original 30-year loan at 4.19%
Interest already paid$111,066Through Dec 2026
Assumption only · ends Jan 2041$54,499
Assumption + second · ends Jan 2041, second Jan 2057$461,903
New conventional · ends Jan 2057$559,246