Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,239/mo
Lowest payment- Down payment
- $312,946
- Funds due
- $323,954
- Interest + MI left
- $51,155
- First ends
- Jan 2043
Assumption
Assumption + second
$3,166/mo
+$1,927/mo- Down payment
- $43,946
- Funds due
- $56,261
- Interest + MI left
- $475,929
- First ends
- Jan 2043
New loan
New conventional
$3,076/mo
+$1,837/mo- Down payment
- $43,946
- Funds due
- $52,783
- Interest + MI left
- $592,981
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $122,054 | $122,054 | $391,054 |
| Second mortgage | — | $269,000 | — |
| First P&I | $817.48 | $817.48 | $2,707.58 |
| Second P&I | — | $1,927.15 | — |
| Mortgage insurance | $130.90 | $130.90 | $78.21 |
| Taxes, insurance & HOA | $290.58 | $290.58 | $290.58 |
| Total housing payment | $1,238.96 | $3,166.11 | $3,076.37 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,946
Closing costs & prepaids$12,315
Usable credit−$0
Total buyer cash needed$56,261
Earnest money paid−$0
Remaining funds due$56,261
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,350.00
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)$421.75
Prepaid interest, first (1 days)$11.30
Prepaid interest, second (1 days)$57.12
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 closing16 yr 2 moOf the original 30-year loan at 3.380%
Interest already paid$72,962Through Nov 2026
Assumption only · ends Jan 2043$51,155
Assumption + second · ends Jan 2043, second Dec 2056$475,929
New conventional · ends Dec 2056$592,981