Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,507/mo
Lowest payment- Down payment
- $174,478
- Funds due
- $184,926
- Interest + MI left
- $125,442
- First ends
- Apr 2049
Assumption
Assumption + second
$2,527/mo
+$1,020/mo- Down payment
- $35,478
- Funds due
- $47,450
- Interest + MI left
- $353,618
- First ends
- Apr 2049
New loan
New conventional
$2,520/mo
+$1,013/mo- Down payment
- $35,478
- Funds due
- $44,135
- Interest + MI left
- $459,737
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $175,422 | $175,422 | $314,422 |
| Second mortgage | — | $139,000 | — |
| First P&I | $1,034.92 | $1,034.92 | $2,130.00 |
| Second P&I | — | $1,019.93 | — |
| Mortgage insurance | $145.36 | $145.36 | $62.88 |
| Taxes, insurance & HOA | $327.00 | $327.00 | $327.00 |
| Total housing payment | $1,507.28 | $2,527.21 | $2,519.89 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,478
Closing costs & prepaids$11,972
Usable credit−$0
Total buyer cash needed$47,450
Earnest money paid−$0
Remaining funds due$47,450
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,499.00
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)$420.00
Initial HOA (3 months)$111.00
Prepaid interest, first (9 days)$192.92
Prepaid interest, second (9 days)$274.19
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 closing22 yr 4 moOf the original 30-year loan at 4.46%
Interest already paid$65,421Through Dec 2026
Assumption only · ends Apr 2049$125,442
Assumption + second · ends Apr 2049, second Jan 2057$353,618
New conventional · ends Jan 2057$459,737