Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,144/mo
Lowest payment- Down payment
- $244,901
- Funds due
- $255,382
- Interest + MI left
- $74,668
- First ends
- Aug 2047
Assumption
Assumption + second
$2,634/mo
+$1,490/mo- Down payment
- $36,901
- Funds due
- $49,029
- Interest + MI left
- $403,117
- First ends
- Aug 2047
New loan
New conventional
$2,614/mo
+$1,470/mo- Down payment
- $36,901
- Funds due
- $45,678
- Interest + MI left
- $485,584
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $124,099 | $124,099 | $332,099 |
| Second mortgage | — | $208,000 | — |
| First P&I | $736.85 | $736.85 | $2,249.75 |
| Second P&I | — | $1,490.14 | — |
| Mortgage insurance | $109.19 | $109.19 | $66.42 |
| Taxes, insurance & HOA | $297.58 | $297.58 | $297.58 |
| Total housing payment | $1,143.63 | $2,633.77 | $2,613.76 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,901
Closing costs & prepaids$12,128
Usable credit−$0
Total buyer cash needed$49,029
Earnest money paid−$0
Remaining funds due$49,029
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,690.00
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)$442.75
Prepaid interest, first (9 days)$122.70
Prepaid interest, second (9 days)$397.48
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 closing20 yr 8 moOf the original 30-year loan at 4.01%
Interest already paid$52,470Through Dec 2026
Assumption only · ends Aug 2047$74,668
Assumption + second · ends Aug 2047, second Jan 2057$403,117
New conventional · ends Jan 2057$485,584