Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,761/mo
Lowest payment- Down payment
- $259,157
- Funds due
- $271,173
- Interest + MI left
- $118,671
- First ends
- Nov 2047
Assumption
Assumption + second
$3,287/mo
+$1,526/mo- Down payment
- $46,157
- Funds due
- $59,830
- Interest + MI left
- $455,015
- First ends
- Nov 2047
New loan
New conventional
$3,302/mo
+$1,541/mo- Down payment
- $46,157
- Funds due
- $56,452
- Interest + MI left
- $604,781
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $200,620 | $200,620 | $413,620 |
| Second mortgage | — | $213,000 | — |
| First P&I | $1,168.24 | $1,168.24 | $2,802.01 |
| Second P&I | — | $1,525.96 | — |
| Mortgage insurance | $175.87 | $175.87 | $82.72 |
| Taxes, insurance & HOA | $417.25 | $417.25 | $417.25 |
| Total housing payment | $1,761.36 | $3,287.32 | $3,301.98 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$46,157
Closing costs & prepaids$13,674
Usable credit−$0
Total buyer cash needed$59,830
Earnest money paid−$0
Remaining funds due$59,830
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,597.77
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$551.75
Initial HOA (3 months)$200.01
Prepaid interest, first (9 days)$191.94
Prepaid interest, second (9 days)$407.03
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 11 moOf the original 30-year loan at 3.88%
Interest already paid$79,673Through Dec 2026
Assumption only · ends Nov 2047$118,671
Assumption + second · ends Nov 2047, second Jan 2057$455,015
New conventional · ends Jan 2057$604,781