Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,183/mo
Lowest payment- Down payment
- $364,267
- Funds due
- $376,063
- Interest + MI left
- $30,657
- First ends
- Apr 2041
Assumption
Assumption + second
$3,454/mo
+$2,271/mo- Down payment
- $47,267
- Funds due
- $60,919
- Interest + MI left
- $531,227
- First ends
- Apr 2041
New loan
New conventional
$3,296/mo
+$2,112/mo- Down payment
- $47,267
- Funds due
- $57,469
- Interest + MI left
- $616,643
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $104,733 | $104,733 | $421,733 |
| Second mortgage | — | $317,000 | — |
| First P&I | $732.52 | $732.52 | $2,856.97 |
| Second P&I | — | $2,271.03 | — |
| Mortgage insurance | $96.58 | $96.58 | $84.35 |
| Taxes, insurance & HOA | $354.25 | $354.25 | $354.25 |
| Total housing payment | $1,183.35 | $3,454.38 | $3,295.56 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$47,267
Closing costs & prepaids$13,652
Usable credit−$0
Total buyer cash needed$60,919
Earnest money paid−$0
Remaining funds due$60,919
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,690.00
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)$562.75
Prepaid interest, first (9 days)$68.44
Prepaid interest, second (9 days)$605.77
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 closing14 yr 4 moOf the original 20-year loan at 2.65%
Interest already paid$18,195Through Dec 2026
Assumption only · ends Apr 2041$30,657
Assumption + second · ends Apr 2041, second Jan 2057$531,227
New conventional · ends Jan 2057$616,643