Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,616/mo
Lowest payment- Down payment
- $332,204
- Funds due
- $344,851
- Interest + MI left
- $125,262
- First ends
- May 2050
Assumption
Assumption + second
$3,608/mo
+$1,992/mo- Down payment
- $54,204
- Funds due
- $68,632
- Interest + MI left
- $564,247
- First ends
- May 2050
New loan
New conventional
$3,734/mo
+$2,118/mo- Down payment
- $54,204
- Funds due
- $65,180
- Interest + MI left
- $703,003
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $202,796 | $202,796 | $480,796 |
| Second mortgage | — | $278,000 | — |
| First P&I | $1,069.15 | $1,069.15 | $3,257.08 |
| Second P&I | — | $1,991.63 | — |
| Mortgage insurance | $166.57 | $166.57 | $96.16 |
| Taxes, insurance & HOA | $380.67 | $380.67 | $380.67 |
| Total housing payment | $1,616.39 | $3,608.01 | $3,733.91 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$54,204
Closing costs & prepaids$14,428
Usable credit−$0
Total buyer cash needed$68,632
Earnest money paid−$0
Remaining funds due$68,632
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,350.00
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)$642.00
Prepaid interest, first (9 days)$180.02
Prepaid interest, second (9 days)$531.25
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 closing23 yr 5 moOf the original 30-year loan at 3.6%
Interest already paid$52,098Through Dec 2026
Assumption only · ends May 2050$125,262
Assumption + second · ends May 2050, second Jan 2057$564,247
New conventional · ends Jan 2057$703,003