Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,610/mo
Lowest payment- Down payment
- $152,580
- Funds due
- $162,816
- Interest + MI left
- $135,857
- First ends
- Sep 2049
Assumption
Assumption + second
$2,453/mo
+$844/mo- Down payment
- $37,580
- Funds due
- $49,092
- Interest + MI left
- $324,635
- First ends
- Sep 2049
New loan
New conventional
$2,615/mo
+$1,005/mo- Down payment
- $37,580
- Funds due
- $45,686
- Interest + MI left
- $504,071
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $217,420 | $217,420 | $332,420 |
| Second mortgage | — | $115,000 | — |
| First P&I | $1,182.29 | $1,182.29 | $2,301.61 |
| Second P&I | — | $843.83 | — |
| Mortgage insurance | $180.83 | $180.83 | $66.48 |
| Taxes, insurance & HOA | $246.42 | $246.42 | $246.42 |
| Total housing payment | $1,609.53 | $2,453.36 | $2,614.51 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,580
Closing costs & prepaids$11,512
Usable credit−$0
Total buyer cash needed$49,092
Earnest money paid−$0
Remaining funds due$49,092
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,700.00
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)$289.25
Prepaid interest, first (1 days)$22.34
Prepaid interest, second (1 days)$25.21
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 closing22 yr 10 moOf the original 30-year loan at 3.750%
Interest already paid$63,807Through Nov 2026
Assumption only · ends Sep 2049$135,857
Assumption + second · ends Sep 2049, second Dec 2056$324,635
New conventional · ends Dec 2056$504,071