Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,725/mo
Lowest payment- Down payment
- $190,586
- Funds due
- $201,571
- Interest + MI left
- $138,444
- First ends
- Aug 2048
Assumption
Assumption + second
$2,840/mo
+$1,115/mo- Down payment
- $38,586
- Funds due
- $51,120
- Interest + MI left
- $387,960
- First ends
- Aug 2048
New loan
New conventional
$2,796/mo
+$1,071/mo- Down payment
- $38,586
- Funds due
- $47,778
- Interest + MI left
- $506,513
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $194,413 | $194,413 | $346,413 |
| Second mortgage | — | $152,000 | — |
| First P&I | $1,181.51 | $1,181.51 | $2,346.72 |
| Second P&I | — | $1,115.32 | — |
| Mortgage insurance | $163.44 | $163.44 | $69.28 |
| Taxes, insurance & HOA | $380.00 | $380.00 | $380.00 |
| Total housing payment | $1,724.96 | $2,840.28 | $2,796.00 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,586
Closing costs & prepaids$12,535
Usable credit−$0
Total buyer cash needed$51,120
Earnest money paid−$0
Remaining funds due$51,120
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,849.99
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)$462.00
Initial HOA (3 months)$228.00
Prepaid interest, first (9 days)$220.03
Prepaid interest, second (9 days)$299.84
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 8 moOf the original 30-year loan at 4.59%
Interest already paid$81,822Through Dec 2026
Assumption only · ends Aug 2048$138,444
Assumption + second · ends Aug 2048, second Jan 2057$387,960
New conventional · ends Jan 2057$506,513