Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$879/mo
Lowest payment- Down payment
- $168,263
- Funds due
- $177,227
- Interest + MI left
- $45,260
- First ends
- Dec 2043
Assumption
Assumption + second
$1,928/mo
+$1,049/mo- Down payment
- $25,263
- Funds due
- $35,508
- Interest + MI left
- $280,002
- First ends
- Dec 2043
New loan
New conventional
$1,827/mo
+$949/mo- Down payment
- $25,263
- Funds due
- $32,210
- Interest + MI left
- $340,784
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $81,737 | $81,737 | $224,737 |
| Second mortgage | — | $143,000 | — |
| First P&I | $572.13 | $572.13 | $1,556.03 |
| Second P&I | — | $1,049.28 | — |
| Mortgage insurance | $79.98 | $79.98 | $44.95 |
| Taxes, insurance & HOA | $226.42 | $226.42 | $226.42 |
| Total housing payment | $878.53 | $1,927.82 | $1,827.40 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,263
Closing costs & prepaids$10,246
Usable credit−$0
Total buyer cash needed$35,508
Earnest money paid−$0
Remaining funds due$35,508
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,500.00
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)$229.25
Prepaid interest, first (1 days)$10.08
Prepaid interest, second (1 days)$31.34
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 closing17 yr 1 moOf the original 30-year loan at 4.500%
Interest already paid$57,501Through Nov 2026
Assumption only · ends Dec 2043$45,260
Assumption + second · ends Dec 2043, second Dec 2056$280,002
New conventional · ends Dec 2056$340,784