Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,266/mo
Lowest payment- Down payment
- $231,539
- Funds due
- $243,963
- Interest + MI left
- $170,034
- First ends
- Jan 2048
Assumption
Assumption + second
$3,586/mo
+$1,321/mo- Down payment
- $51,539
- Funds due
- $65,450
- Interest + MI left
- $465,513
- First ends
- Jan 2048
New loan
New conventional
$3,604/mo
+$1,339/mo- Down payment
- $51,539
- Funds due
- $62,013
- Interest + MI left
- $677,510
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $283,361 | $283,361 | $463,361 |
| Second mortgage | — | $180,000 | — |
| First P&I | $1,646.09 | $1,646.09 | $3,138.97 |
| Second P&I | — | $1,320.78 | — |
| Mortgage insurance | $246.90 | $246.90 | $92.67 |
| Taxes, insurance & HOA | $372.67 | $372.67 | $372.67 |
| Total housing payment | $2,265.66 | $3,586.44 | $3,604.31 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$51,539
Closing costs & prepaids$13,911
Usable credit−$0
Total buyer cash needed$65,450
Earnest money paid−$0
Remaining funds due$65,450
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,149.00
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)$618.00
Prepaid interest, first (6 days)$182.13
Prepaid interest, second (6 days)$236.71
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 closing21 yr 1 moOf the original 30-year loan at 3.91%
Interest already paid$110,923Through Dec 2026
Assumption only · ends Jan 2048$170,034
Assumption + second · ends Jan 2048, second Jan 2057$465,513
New conventional · ends Jan 2057$677,510