Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,025/mo
Lowest payment- Down payment
- $255,553
- Funds due
- $265,897
- Interest + MI left
- $50,794
- First ends
- Nov 2045
Assumption
Assumption + second
$2,601/mo
+$1,576/mo- Down payment
- $35,553
- Funds due
- $47,193
- Interest + MI left
- $398,193
- First ends
- Nov 2045
New loan
New conventional
$2,589/mo
+$1,564/mo- Down payment
- $35,553
- Funds due
- $43,794
- Interest + MI left
- $475,301
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $93,447 | $93,447 | $313,447 |
| Second mortgage | — | $220,000 | — |
| First P&I | $581.41 | $581.41 | $2,170.24 |
| Second P&I | — | $1,576.11 | — |
| Mortgage insurance | $87.21 | $87.21 | $62.69 |
| Taxes, insurance & HOA | $356.08 | $356.08 | $356.08 |
| Total housing payment | $1,024.70 | $2,600.81 | $2,589.02 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,553
Closing costs & prepaids$11,640
Usable credit−$0
Total buyer cash needed$47,193
Earnest money paid−$0
Remaining funds due$47,193
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,490.00
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)$309.25
Initial HOA (3 months)$309.00
Prepaid interest, first (1 days)$10.01
Prepaid interest, second (1 days)$46.71
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 yrOf the original 30-year loan at 3.910%
Interest already paid$47,076Through Nov 2026
Assumption only · ends Nov 2045$50,794
Assumption + second · ends Nov 2045, second Dec 2056$398,193
New conventional · ends Dec 2056$475,301