Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,609/mo
Lowest payment- Down payment
- $223,532
- Funds due
- $234,590
- Interest + MI left
- $103,916
- First ends
- Jun 2047
Assumption
Assumption + second
$2,959/mo
+$1,350/mo- Down payment
- $39,532
- Funds due
- $51,880
- Interest + MI left
- $405,962
- First ends
- Jun 2047
New loan
New conventional
$2,951/mo
+$1,343/mo- Down payment
- $39,532
- Funds due
- $48,447
- Interest + MI left
- $531,438
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $166,468 | $166,468 | $350,468 |
| Second mortgage | — | $184,000 | — |
| First P&I | $1,007.85 | $1,007.85 | $2,426.57 |
| Second P&I | — | $1,350.13 | — |
| Mortgage insurance | $145.99 | $145.99 | $70.09 |
| Taxes, insurance & HOA | $454.75 | $454.75 | $454.75 |
| Total housing payment | $1,608.59 | $2,958.71 | $2,951.41 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,532
Closing costs & prepaids$12,349
Usable credit−$0
Total buyer cash needed$51,880
Earnest money paid−$0
Remaining funds due$51,880
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,900.00
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)$710.25
Initial HOA (3 months)$204.00
Prepaid interest, first (1 days)$19.16
Prepaid interest, second (1 days)$40.33
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 closing20 yr 7 moOf the original 30-year loan at 4.200%
Interest already paid$74,258Through Nov 2026
Assumption only · ends Jun 2047$103,916
Assumption + second · ends Jun 2047, second Dec 2056$405,962
New conventional · ends Dec 2056$531,438