Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,497/mo
Lowest payment- Down payment
- $235,628
- Funds due
- $246,386
- Interest + MI left
- $112,702
- First ends
- Nov 2047
Assumption
Assumption + second
$2,913/mo
+$1,416/mo- Down payment
- $42,628
- Funds due
- $54,721
- Interest + MI left
- $429,522
- First ends
- Nov 2047
New loan
New conventional
$2,955/mo
+$1,458/mo- Down payment
- $42,628
- Funds due
- $51,274
- Interest + MI left
- $579,893
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $189,372 | $189,372 | $382,372 |
| Second mortgage | — | $193,000 | — |
| First P&I | $1,100.90 | $1,100.90 | $2,647.47 |
| Second P&I | — | $1,416.17 | — |
| Mortgage insurance | $165.53 | $165.53 | $76.47 |
| Taxes, insurance & HOA | $230.83 | $230.83 | $230.83 |
| Total housing payment | $1,497.26 | $2,913.43 | $2,954.77 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,628
Closing costs & prepaids$12,092
Usable credit−$0
Total buyer cash needed$54,721
Earnest money paid−$0
Remaining funds due$54,721
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,250.00
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)$242.50
Prepaid interest, first (2 days)$40.36
Prepaid interest, second (2 days)$84.60
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 closing21 yrOf the original 30-year loan at 3.890%
Interest already paid$74,580Through Nov 2026
Assumption only · ends Nov 2047$112,702
Assumption + second · ends Nov 2047, second Dec 2056$429,522
New conventional · ends Dec 2056$579,893