Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,544/mo
Lowest payment- Down payment
- $213,520
- Funds due
- $224,357
- Interest + MI left
- $130,179
- First ends
- Jun 2049
Assumption
Assumption + second
$2,814/mo
+$1,269/mo- Down payment
- $40,520
- Funds due
- $52,835
- Interest + MI left
- $414,168
- First ends
- Jun 2049
New loan
New conventional
$2,817/mo
+$1,273/mo- Down payment
- $40,520
- Funds due
- $49,444
- Interest + MI left
- $525,619
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $186,480 | $186,480 | $359,480 |
| Second mortgage | — | $173,000 | — |
| First P&I | $1,080.00 | $1,080.00 | $2,435.24 |
| Second P&I | — | $1,269.41 | — |
| Mortgage insurance | $154.40 | $154.40 | $71.90 |
| Taxes, insurance & HOA | $310.00 | $310.00 | $310.00 |
| Total housing payment | $1,544.40 | $2,813.81 | $2,817.14 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,520
Closing costs & prepaids$12,315
Usable credit−$0
Total buyer cash needed$52,835
Earnest money paid−$0
Remaining funds due$52,835
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,000.00
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)$480.00
Prepaid interest, first (6 days)$132.12
Prepaid interest, second (6 days)$227.51
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 6 moOf the original 30-year loan at 4.31%
Interest already paid$65,701Through Dec 2026
Assumption only · ends Jun 2049$130,179
Assumption + second · ends Jun 2049, second Jan 2057$414,168
New conventional · ends Jan 2057$525,619