Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,214/mo
Lowest payment- Down payment
- $192,952
- Funds due
- $202,979
- Interest + MI left
- $95,351
- First ends
- Nov 2049
Assumption
Assumption + second
$2,366/mo
+$1,152/mo- Down payment
- $35,952
- Funds due
- $47,263
- Interest + MI left
- $353,075
- First ends
- Nov 2049
New loan
New conventional
$2,483/mo
+$1,269/mo- Down payment
- $35,952
- Funds due
- $43,868
- Interest + MI left
- $476,149
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $157,048 | $157,048 | $314,048 |
| Second mortgage | — | $157,000 | — |
| First P&I | $837.54 | $837.54 | $2,174.40 |
| Second P&I | — | $1,152.01 | — |
| Mortgage insurance | $130.49 | $130.49 | $62.81 |
| Taxes, insurance & HOA | $245.67 | $245.67 | $245.67 |
| Total housing payment | $1,213.69 | $2,365.70 | $2,482.88 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,952
Closing costs & prepaids$11,312
Usable credit−$0
Total buyer cash needed$47,263
Earnest money paid−$0
Remaining funds due$47,263
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,500.00
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)$287.00
Prepaid interest, first (1 days)$15.49
Prepaid interest, second (1 days)$34.41
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 closing23 yrOf the original 30-year loan at 3.600%
Interest already paid$43,184Through Nov 2026
Assumption only · ends Nov 2049$95,351
Assumption + second · ends Nov 2049, second Dec 2056$353,075
New conventional · ends Dec 2056$476,149