Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,941/mo
Lowest payment- Down payment
- $328,402
- Funds due
- $341,456
- Interest + MI left
- $302,787
- First ends
- Jan 2056
Assumption
Assumption + second
$3,889/mo
+$1,949/mo- Down payment
- $56,402
- Funds due
- $71,226
- Interest + MI left
- $732,298
- First ends
- Jan 2056
New loan
New conventional
$3,866/mo
+$1,925/mo- Down payment
- $56,402
- Funds due
- $67,612
- Interest + MI left
- $728,933
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $226,598 | $226,598 | $498,598 |
| Second mortgage | — | $272,000 | — |
| First P&I | $1,447.04 | $1,447.04 | $3,377.68 |
| Second P&I | — | $1,948.64 | — |
| Mortgage insurance | $104.93 | $104.93 | $99.72 |
| Taxes, insurance & HOA | $388.67 | $388.67 | $388.67 |
| Total housing payment | $1,940.63 | $3,889.28 | $3,866.06 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$56,402
Closing costs & prepaids$14,824
Usable credit−$0
Total buyer cash needed$71,226
Earnest money paid−$0
Remaining funds due$71,226
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,550.00
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)$666.00
Prepaid interest, first (9 days)$363.18
Prepaid interest, second (9 days)$519.78
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 closing29 yr 1 moOf the original 30-year loan at 6.5%
Interest already paid$13,578Through Dec 2026
Assumption only · ends Jan 2056$302,787
Assumption + second · ends Jan 2056, second Jan 2057$732,298
New conventional · ends Jan 2057$728,933