Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,787/mo
Lowest payment- Down payment
- $295,975
- Funds due
- $308,293
- Interest + MI left
- $91,831
- First ends
- Apr 2045
Assumption
Assumption + second
$3,556/mo
+$1,770/mo- Down payment
- $48,975
- Funds due
- $63,015
- Interest + MI left
- $481,865
- First ends
- Apr 2045
New loan
New conventional
$3,465/mo
+$1,678/mo- Down payment
- $48,975
- Funds due
- $59,599
- Interest + MI left
- $630,144
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $184,025 | $184,025 | $431,025 |
| Second mortgage | — | $247,000 | — |
| First P&I | $1,150.43 | $1,150.43 | $2,919.91 |
| Second P&I | — | $1,769.54 | — |
| Mortgage insurance | $177.70 | $177.70 | $86.21 |
| Taxes, insurance & HOA | $458.67 | $458.67 | $458.67 |
| Total housing payment | $1,786.79 | $3,556.33 | $3,464.79 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$48,975
Closing costs & prepaids$14,040
Usable credit−$0
Total buyer cash needed$63,015
Earnest money paid−$0
Remaining funds due$63,015
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,800.00
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)$576.00
Initial HOA (3 months)$300.00
Prepaid interest, first (9 days)$166.53
Prepaid interest, second (9 days)$472.01
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 closing18 yr 4 moOf the original 30-year loan at 3.67%
Interest already paid$94,221Through Dec 2026
Assumption only · ends Apr 2045$91,831
Assumption + second · ends Apr 2045, second Jan 2057$481,865
New conventional · ends Jan 2057$630,144