Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,060/mo
Lowest payment- Down payment
- $227,711
- Funds due
- $237,844
- Interest + MI left
- $57,996
- First ends
- May 2046
Assumption
Assumption + second
$2,477/mo
+$1,416/mo- Down payment
- $34,711
- Funds due
- $46,474
- Interest + MI left
- $374,816
- First ends
- May 2046
New loan
New conventional
$2,415/mo
+$1,355/mo- Down payment
- $34,711
- Funds due
- $43,137
- Interest + MI left
- $446,322
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $112,289 | $112,289 | $305,289 |
| Second mortgage | — | $193,000 | — |
| First P&I | $669.94 | $669.94 | $2,068.13 |
| Second P&I | — | $1,416.17 | — |
| Mortgage insurance | $104.51 | $104.51 | $61.06 |
| Taxes, insurance & HOA | $286.00 | $286.00 | $286.00 |
| Total housing payment | $1,060.45 | $2,476.61 | $2,415.19 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,711
Closing costs & prepaids$11,763
Usable credit−$0
Total buyer cash needed$46,474
Earnest money paid−$0
Remaining funds due$46,474
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)$99.40
Prepaid interest, second (9 days)$380.71
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 closing19 yr 5 moOf the original 30-year loan at 3.59%
Interest already paid$49,834Through Dec 2026
Assumption only · ends May 2046$57,996
Assumption + second · ends May 2046, second Jan 2057$374,816
New conventional · ends Jan 2057$446,322