Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,184/mo
Lowest payment- Down payment
- $198,871
- Funds due
- $209,014
- Interest + MI left
- $67,656
- First ends
- Jun 2047
Assumption
Assumption + second
$2,388/mo
+$1,203/mo- Down payment
- $34,871
- Funds due
- $46,587
- Interest + MI left
- $336,871
- First ends
- Jun 2047
New loan
New conventional
$2,414/mo
+$1,230/mo- Down payment
- $34,871
- Funds due
- $43,295
- Interest + MI left
- $446,088
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $141,129 | $141,129 | $305,129 |
| Second mortgage | — | $164,000 | — |
| First P&I | $780.89 | $780.89 | $2,067.05 |
| Second P&I | — | $1,203.37 | — |
| Mortgage insurance | $117.45 | $117.45 | $61.03 |
| Taxes, insurance & HOA | $286.00 | $286.00 | $286.00 |
| Total housing payment | $1,184.34 | $2,387.71 | $2,414.08 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,871
Closing costs & prepaids$11,717
Usable credit−$0
Total buyer cash needed$46,587
Earnest money paid−$0
Remaining funds due$46,587
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,400.00
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)$408.00
Prepaid interest, first (9 days)$110.31
Prepaid interest, second (9 days)$323.51
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 closing20 yr 6 moOf the original 26-year loan at 3.17%
Interest already paid$26,853Through Dec 2026
Assumption only · ends Jun 2047$67,656
Assumption + second · ends Jun 2047, second Jan 2057$336,871
New conventional · ends Jan 2057$446,088