Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,469/mo
Lowest payment- Down payment
- $360,714
- Funds due
- $372,890
- Interest + MI left
- $76,306
- First ends
- Feb 2044
Assumption
Assumption + second
$3,690/mo
+$2,221/mo- Down payment
- $50,714
- Funds due
- $64,535
- Interest + MI left
- $565,822
- First ends
- Feb 2044
New loan
New conventional
$3,500/mo
+$2,031/mo- Down payment
- $50,714
- Funds due
- $61,012
- Interest + MI left
- $656,930
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $139,286 | $139,286 | $449,286 |
| Second mortgage | — | $310,000 | — |
| First P&I | $965.98 | $965.98 | $3,043.62 |
| Second P&I | — | $2,220.88 | — |
| Mortgage insurance | $136.32 | $136.32 | $89.86 |
| Taxes, insurance & HOA | $366.67 | $366.67 | $366.67 |
| Total housing payment | $1,468.97 | $3,689.85 | $3,500.14 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$50,714
Closing costs & prepaids$13,821
Usable credit−$0
Total buyer cash needed$64,535
Earnest money paid−$0
Remaining funds due$64,535
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,000.00
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)$600.00
Prepaid interest, first (6 days)$101.20
Prepaid interest, second (6 days)$394.93
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 closing17 yr 2 moOf the original 30-year loan at 4.42%
Interest already paid$95,599Through Dec 2026
Assumption only · ends Feb 2044$76,306
Assumption + second · ends Feb 2044, second Jan 2057$565,822
New conventional · ends Jan 2057$656,930