Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,508/mo
Lowest payment- Down payment
- $247,325
- Funds due
- $258,789
- Interest + MI left
- $71,684
- First ends
- May 2046
Assumption
Assumption + second
$3,006/mo
+$1,497/mo- Down payment
- $38,325
- Funds due
- $51,438
- Interest + MI left
- $401,713
- First ends
- May 2046
New loan
New conventional
$2,952/mo
+$1,444/mo- Down payment
- $38,325
- Funds due
- $48,077
- Interest + MI left
- $492,061
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $127,575 | $127,575 | $336,575 |
| Second mortgage | — | $209,000 | — |
| First P&I | $786.27 | $786.27 | $2,280.08 |
| Second P&I | — | $1,497.30 | — |
| Mortgage insurance | $117.08 | $117.08 | $67.32 |
| Taxes, insurance & HOA | $605.00 | $605.00 | $605.00 |
| Total housing payment | $1,508.36 | $3,005.66 | $2,952.39 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,325
Closing costs & prepaids$13,113
Usable credit−$0
Total buyer cash needed$51,438
Earnest money paid−$0
Remaining funds due$51,438
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,749.00
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)$450.00
Initial HOA (3 months)$915.00
Prepaid interest, first (9 days)$124.88
Prepaid interest, second (9 days)$399.39
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 3.97%
Interest already paid$62,140Through Dec 2026
Assumption only · ends May 2046$71,684
Assumption + second · ends May 2046, second Jan 2057$401,713
New conventional · ends Jan 2057$492,061