Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,828/mo
Lowest payment- Down payment
- $384,378
- Funds due
- $397,663
- Interest + MI left
- $106,999
- First ends
- Nov 2046
Assumption
Assumption + second
$4,149/mo
+$2,321/mo- Down payment
- $60,378
- Funds due
- $75,326
- Interest + MI left
- $618,622
- First ends
- Nov 2046
New loan
New conventional
$4,152/mo
+$2,324/mo- Down payment
- $60,378
- Funds due
- $71,775
- Interest + MI left
- $785,361
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $213,122 | $213,122 | $537,122 |
| Second mortgage | — | $324,000 | — |
| First P&I | $1,225.42 | $1,225.42 | $3,638.65 |
| Second P&I | — | $2,321.18 | — |
| Mortgage insurance | $196.46 | $196.46 | $107.42 |
| Taxes, insurance & HOA | $405.67 | $405.67 | $405.67 |
| Total housing payment | $1,827.55 | $4,148.72 | $4,151.74 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$60,378
Closing costs & prepaids$14,948
Usable credit−$0
Total buyer cash needed$75,326
Earnest money paid−$0
Remaining funds due$75,326
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,975.00
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)$717.00
Prepaid interest, first (6 days)$118.06
Prepaid interest, second (6 days)$412.77
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 closing19 yr 11 moOf the original 30-year loan at 3.37%
Interest already paid$84,041Through Dec 2026
Assumption only · ends Nov 2046$106,999
Assumption + second · ends Nov 2046, second Jan 2057$618,622
New conventional · ends Jan 2057$785,361