Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$740/mo
Lowest payment- Down payment
- $211,239
- Funds due
- $220,583
- Interest + MI left
- $54,853
- First ends
- Sep 2049
Assumption
Assumption + second
$2,068/mo
+$1,328/mo- Down payment
- $30,239
- Funds due
- $40,872
- Interest + MI left
- $351,974
- First ends
- Sep 2049
New loan
New conventional
$2,101/mo
+$1,361/mo- Down payment
- $30,239
- Funds due
- $37,526
- Interest + MI left
- $406,024
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $86,761 | $86,761 | $267,761 |
| Second mortgage | — | $181,000 | — |
| First P&I | $474.11 | $474.11 | $1,853.92 |
| Second P&I | — | $1,328.11 | — |
| Mortgage insurance | $72.07 | $72.07 | $53.55 |
| Taxes, insurance & HOA | $193.42 | $193.42 | $193.42 |
| Total housing payment | $739.60 | $2,067.72 | $2,100.89 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,239
Closing costs & prepaids$10,634
Usable credit−$0
Total buyer cash needed$40,872
Earnest money paid−$0
Remaining funds due$40,872
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,980.00
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)$130.25
Prepaid interest, first (1 days)$9.03
Prepaid interest, second (1 days)$39.67
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 3.800%
Interest already paid$25,785Through Nov 2026
Assumption only · ends Sep 2049$54,853
Assumption + second · ends Sep 2049, second Dec 2056$351,974
New conventional · ends Dec 2056$406,024