Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,537/mo
Lowest payment- Down payment
- $280,949
- Funds due
- $294,331
- Interest + MI left
- $188,678
- First ends
- Nov 2047
Assumption
Assumption + second
$4,120/mo
+$1,583/mo- Down payment
- $59,949
- Funds due
- $74,862
- Interest + MI left
- $537,656
- First ends
- Nov 2047
New loan
New conventional
$4,162/mo
+$1,625/mo- Down payment
- $59,949
- Funds due
- $71,363
- Interest + MI left
- $787,451
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $317,551 | $317,551 | $538,551 |
| Second mortgage | — | $221,000 | — |
| First P&I | $1,852.50 | $1,852.50 | $3,648.33 |
| Second P&I | — | $1,583.27 | — |
| Mortgage insurance | $278.20 | $278.20 | $107.71 |
| Taxes, insurance & HOA | $406.08 | $406.08 | $406.08 |
| Total housing payment | $2,536.79 | $4,120.06 | $4,162.13 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$59,949
Closing costs & prepaids$14,913
Usable credit−$0
Total buyer cash needed$74,862
Earnest money paid−$0
Remaining funds due$74,862
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,985.00
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)$718.25
Prepaid interest, first (6 days)$203.58
Prepaid interest, second (6 days)$281.55
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 closing20 yr 11 moOf the original 30-year loan at 3.9%
Interest already paid$126,719Through Dec 2026
Assumption only · ends Nov 2047$188,678
Assumption + second · ends Nov 2047, second Jan 2057$537,656
New conventional · ends Jan 2057$787,451