Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,334/mo
Lowest payment- Down payment
- $298,856
- Funds due
- $312,368
- Interest + MI left
- $175,531
- First ends
- Jun 2049
Assumption
Assumption + second
$4,068/mo
+$1,734/mo- Down payment
- $56,856
- Funds due
- $71,669
- Interest + MI left
- $557,670
- First ends
- Jun 2049
New loan
New conventional
$4,220/mo
+$1,885/mo- Down payment
- $56,856
- Funds due
- $68,072
- Interest + MI left
- $762,799
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $261,044 | $261,044 | $503,044 |
| Second mortgage | — | $242,000 | — |
| First P&I | $1,481.44 | $1,481.44 | $3,482.98 |
| Second P&I | — | $1,733.72 | — |
| Mortgage insurance | $216.65 | $216.65 | $100.61 |
| Taxes, insurance & HOA | $636.17 | $636.17 | $636.17 |
| Total housing payment | $2,334.25 | $4,067.97 | $4,219.75 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$56,856
Closing costs & prepaids$14,813
Usable credit−$0
Total buyer cash needed$71,669
Earnest money paid−$0
Remaining funds due$71,669
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,599.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$697.50
Initial HOA (3 months)$711.00
Prepaid interest, first (1 days)$29.47
Prepaid interest, second (1 days)$51.38
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 7 moOf the original 30-year loan at 4.120%
Interest already paid$87,037Through Nov 2026
Assumption only · ends Jun 2049$175,531
Assumption + second · ends Jun 2049, second Dec 2056$557,670
New conventional · ends Dec 2056$762,799