Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,555/mo
Lowest payment- Down payment
- $174,987
- Funds due
- $185,551
- Interest + MI left
- $130,353
- First ends
- Sep 2049
Assumption
Assumption + second
$2,560/mo
+$1,005/mo- Down payment
- $37,987
- Funds due
- $50,072
- Interest + MI left
- $355,245
- First ends
- Sep 2049
New loan
New conventional
$2,614/mo
+$1,059/mo- Down payment
- $37,987
- Funds due
- $46,764
- Interest + MI left
- $485,392
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $195,013 | $195,013 | $332,013 |
| Second mortgage | — | $137,000 | — |
| First P&I | $1,095.43 | $1,095.43 | $2,249.17 |
| Second P&I | — | $1,005.26 | — |
| Mortgage insurance | $161.36 | $161.36 | $66.40 |
| Taxes, insurance & HOA | $298.00 | $298.00 | $298.00 |
| Total housing payment | $1,554.79 | $2,560.05 | $2,613.57 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,987
Closing costs & prepaids$12,084
Usable credit−$0
Total buyer cash needed$50,072
Earnest money paid−$0
Remaining funds due$50,072
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,700.00
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)$444.00
Prepaid interest, first (9 days)$195.23
Prepaid interest, second (9 days)$270.25
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 closing22 yr 9 moOf the original 30-year loan at 4.06%
Interest already paid$62,518Through Dec 2026
Assumption only · ends Sep 2049$130,353
Assumption + second · ends Sep 2049, second Jan 2057$355,245
New conventional · ends Jan 2057$485,392