Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,227/mo
Lowest payment- Down payment
- $216,269
- Funds due
- $226,673
- Interest + MI left
- $75,545
- First ends
- Apr 2047
Assumption
Assumption + second
$2,563/mo
+$1,335/mo- Down payment
- $34,269
- Funds due
- $46,282
- Interest + MI left
- $374,308
- First ends
- Apr 2047
New loan
New conventional
$2,496/mo
+$1,269/mo- Down payment
- $34,269
- Funds due
- $42,943
- Interest + MI left
- $445,567
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $122,731 | $122,731 | $304,731 |
| Second mortgage | — | $182,000 | — |
| First P&I | $748.15 | $748.15 | $2,064.35 |
| Second P&I | — | $1,335.45 | — |
| Mortgage insurance | $108.50 | $108.50 | $60.95 |
| Taxes, insurance & HOA | $370.58 | $370.58 | $370.58 |
| Total housing payment | $1,227.24 | $2,562.69 | $2,495.88 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,269
Closing costs & prepaids$12,013
Usable credit−$0
Total buyer cash needed$46,282
Earnest money paid−$0
Remaining funds due$46,282
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,390.00
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)$406.75
Initial HOA (3 months)$255.00
Prepaid interest, first (9 days)$126.80
Prepaid interest, second (9 days)$359.01
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 4 moOf the original 30-year loan at 4.19%
Interest already paid$56,343Through Dec 2026
Assumption only · ends Apr 2047$75,545
Assumption + second · ends Apr 2047, second Jan 2057$374,308
New conventional · ends Jan 2057$445,567