Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,306/mo
Lowest payment- Down payment
- $222,678
- Funds due
- $233,044
- Interest + MI left
- $88,824
- First ends
- Apr 2047
Assumption
Assumption + second
$2,663/mo
+$1,357/mo- Down payment
- $37,678
- Funds due
- $49,335
- Interest + MI left
- $392,511
- First ends
- Apr 2047
New loan
New conventional
$2,650/mo
+$1,344/mo- Down payment
- $37,678
- Funds due
- $45,918
- Interest + MI left
- $500,328
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $144,952 | $144,952 | $329,952 |
| Second mortgage | — | $185,000 | — |
| First P&I | $878.23 | $878.23 | $2,284.52 |
| Second P&I | — | $1,357.46 | — |
| Mortgage insurance | $127.97 | $127.97 | $65.99 |
| Taxes, insurance & HOA | $299.50 | $299.50 | $299.50 |
| Total housing payment | $1,305.70 | $2,663.17 | $2,650.01 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,678
Closing costs & prepaids$11,657
Usable credit−$0
Total buyer cash needed$49,335
Earnest money paid−$0
Remaining funds due$49,335
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,676.30
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)$448.50
Prepaid interest, first (1 days)$16.48
Prepaid interest, second (1 days)$40.55
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 5 moOf the original 30-year loan at 4.150%
Interest already paid$65,281Through Nov 2026
Assumption only · ends Apr 2047$88,824
Assumption + second · ends Apr 2047, second Dec 2056$392,511
New conventional · ends Dec 2056$500,328