Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$847/mo
Lowest payment- Down payment
- $250,759
- Funds due
- $260,841
- Interest + MI left
- $35,561
- First ends
- Jun 2045
Assumption
Assumption + second
$2,409/mo
+$1,562/mo- Down payment
- $32,759
- Funds due
- $44,508
- Interest + MI left
- $379,801
- First ends
- Jun 2045
New loan
New conventional
$2,351/mo
+$1,503/mo- Down payment
- $32,759
- Funds due
- $41,158
- Interest + MI left
- $419,790
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $69,141 | $69,141 | $287,141 |
| Second mortgage | — | $218,000 | — |
| First P&I | $433.05 | $433.05 | $1,945.19 |
| Second P&I | — | $1,561.78 | — |
| Mortgage insurance | $66.07 | $66.07 | $57.43 |
| Taxes, insurance & HOA | $348.00 | $348.00 | $348.00 |
| Total housing payment | $847.12 | $2,408.90 | $2,350.62 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,759
Closing costs & prepaids$11,749
Usable credit−$0
Total buyer cash needed$44,508
Earnest money paid−$0
Remaining funds due$44,508
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,199.00
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)$384.00
Initial HOA (3 months)$210.00
Prepaid interest, first (9 days)$64.27
Prepaid interest, second (9 days)$416.59
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 closing18 yr 6 moOf the original 30-year loan at 3.77%
Interest already paid$35,623Through Dec 2026
Assumption only · ends Jun 2045$35,561
Assumption + second · ends Jun 2045, second Jan 2057$379,801
New conventional · ends Jan 2057$419,790