Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$849/mo
Lowest payment- Down payment
- $257,894
- Funds due
- $268,126
- Interest + MI left
- $86,094
- First ends
- Jan 2054
Assumption
Assumption + second
$2,468/mo
+$1,619/mo- Down payment
- $31,894
- Funds due
- $43,808
- Interest + MI left
- $442,967
- First ends
- Jan 2054
New loan
New conventional
$2,374/mo
+$1,525/mo- Down payment
- $31,894
- Funds due
- $40,399
- Interest + MI left
- $413,948
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $57,106 | $57,106 | $283,106 |
| Second mortgage | — | $226,000 | — |
| First P&I | $422.27 | $422.27 | $1,917.86 |
| Second P&I | — | $1,619.09 | — |
| Mortgage insurance | $26.91 | $26.91 | $56.62 |
| Taxes, insurance & HOA | $399.33 | $399.33 | $399.33 |
| Total housing payment | $848.51 | $2,467.61 | $2,373.81 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$31,894
Closing costs & prepaids$11,915
Usable credit−$0
Total buyer cash needed$43,808
Earnest money paid−$0
Remaining funds due$43,808
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,150.00
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)$378.00
Initial HOA (3 months)$369.99
Prepaid interest, first (9 days)$109.69
Prepaid interest, second (9 days)$431.88
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 closing27 yr 1 moOf the original 30-year loan at 7.79%
Interest already paid$13,170Through Dec 2026
Assumption only · ends Jan 2054$86,094
Assumption + second · ends Jan 2054, second Jan 2057$442,967
New conventional · ends Jan 2057$413,948