Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,686/mo
Lowest payment- Down payment
- $105,299
- Funds due
- $115,206
- Interest + MI left
- $149,642
- First ends
- Apr 2049
Assumption
Assumption + second
$2,273/mo
+$587/mo- Down payment
- $32,299
- Funds due
- $43,564
- Interest + MI left
- $288,097
- First ends
- Apr 2049
New loan
New conventional
$2,248/mo
+$562/mo- Down payment
- $32,299
- Funds due
- $40,263
- Interest + MI left
- $413,299
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $209,701 | $209,701 | $282,701 |
| Second mortgage | — | $73,000 | — |
| First P&I | $1,235.99 | $1,235.99 | $1,915.12 |
| Second P&I | — | $587.37 | — |
| Mortgage insurance | $173.81 | $173.81 | $56.54 |
| Taxes, insurance & HOA | $276.00 | $276.00 | $276.00 |
| Total housing payment | $1,685.80 | $2,273.17 | $2,247.66 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,299
Closing costs & prepaids$11,264
Usable credit−$0
Total buyer cash needed$43,564
Earnest money paid−$0
Remaining funds due$43,564
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,150.00
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)$378.00
Prepaid interest, first (6 days)$153.40
Prepaid interest, second (6 days)$108.00
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 4.45%
Interest already paid$78,039Through Dec 2026
Assumption only · ends Apr 2049$149,642
Assumption + second · ends Apr 2049, second Jan 2057$288,097
New conventional · ends Jan 2057$413,299