Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$776/mo
Lowest payment- Down payment
- $281,294
- Funds due
- $291,252
- Interest + MI left
- $23,492
- First ends
- Aug 2039
Assumption
Assumption + second
$2,553/mo
+$1,777/mo- Down payment
- $33,294
- Funds due
- $44,818
- Interest + MI left
- $415,105
- First ends
- Aug 2039
New loan
New conventional
$2,348/mo
+$1,572/mo- Down payment
- $33,294
- Funds due
- $41,426
- Interest + MI left
- $433,102
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $48,206 | $48,206 | $296,206 |
| Second mortgage | — | $248,000 | — |
| First P&I | $438.81 | $438.81 | $2,006.60 |
| Second P&I | — | $1,776.70 | — |
| Mortgage insurance | $55.29 | $55.29 | $59.24 |
| Taxes, insurance & HOA | $281.83 | $281.83 | $281.83 |
| Total housing payment | $775.94 | $2,552.64 | $2,347.68 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,294
Closing costs & prepaids$11,524
Usable credit−$0
Total buyer cash needed$44,818
Earnest money paid−$0
Remaining funds due$44,818
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,295.00
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)$395.50
Prepaid interest, first (6 days)$42.87
Prepaid interest, second (6 days)$315.95
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 closing12 yr 8 moOf the original 30-year loan at 5.41%
Interest already paid$61,420Through Dec 2026
Assumption only · ends Aug 2039$23,492
Assumption + second · ends Aug 2039, second Jan 2057$415,105
New conventional · ends Jan 2057$433,102