Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,758/mo
Lowest payment- Down payment
- $254,118
- Funds due
- $265,959
- Interest + MI left
- $141,822
- First ends
- Jul 2048
Assumption
Assumption + second
$3,248/mo
+$1,490/mo- Down payment
- $46,118
- Funds due
- $59,607
- Interest + MI left
- $470,271
- First ends
- Jul 2048
New loan
New conventional
$3,230/mo
+$1,472/mo- Down payment
- $46,118
- Funds due
- $56,204
- Interest + MI left
- $603,702
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $204,882 | $204,882 | $412,882 |
| Second mortgage | — | $208,000 | — |
| First P&I | $1,234.44 | $1,234.44 | $2,797.01 |
| Second P&I | — | $1,490.14 | — |
| Mortgage insurance | $173.18 | $173.18 | $82.58 |
| Taxes, insurance & HOA | $350.25 | $350.25 | $350.25 |
| Total housing payment | $1,757.87 | $3,248.00 | $3,229.83 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$46,118
Closing costs & prepaids$13,489
Usable credit−$0
Total buyer cash needed$59,607
Earnest money paid−$0
Remaining funds due$59,607
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,590.00
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)$550.75
Prepaid interest, first (9 days)$225.82
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 closing21 yr 7 moOf the original 30-year loan at 4.47%
Interest already paid$85,071Through Dec 2026
Assumption only · ends Jul 2048$141,822
Assumption + second · ends Jul 2048, second Jan 2057$470,271
New conventional · ends Jan 2057$603,702