Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,739/mo
Lowest payment- Down payment
- $234,042
- Funds due
- $245,542
- Interest + MI left
- $146,393
- First ends
- Aug 2049
Assumption
Assumption + second
$3,126/mo
+$1,387/mo- Down payment
- $45,042
- Funds due
- $58,165
- Interest + MI left
- $456,646
- First ends
- Aug 2049
New loan
New conventional
$3,159/mo
+$1,420/mo- Down payment
- $45,042
- Funds due
- $54,788
- Interest + MI left
- $592,116
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $215,958 | $215,958 | $404,958 |
| Second mortgage | — | $189,000 | — |
| First P&I | $1,225.19 | $1,225.19 | $2,743.33 |
| Second P&I | — | $1,386.82 | — |
| Mortgage insurance | $178.74 | $178.74 | $80.99 |
| Taxes, insurance & HOA | $334.92 | $334.92 | $334.92 |
| Total housing payment | $1,738.85 | $3,125.67 | $3,159.24 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,042
Closing costs & prepaids$13,123
Usable credit−$0
Total buyer cash needed$58,165
Earnest money paid−$0
Remaining funds due$58,165
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,500.00
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)$540.00
Initial HOA (3 months)$14.76
Prepaid interest, first (9 days)$220.45
Prepaid interest, second (9 days)$372.82
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 8 moOf the original 30-year loan at 4.14%
Interest already paid$71,430Through Dec 2026
Assumption only · ends Aug 2049$146,393
Assumption + second · ends Aug 2049, second Jan 2057$456,646
New conventional · ends Jan 2057$592,116