Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,620/mo
Lowest payment- Down payment
- $237,850
- Funds due
- $249,945
- Interest + MI left
- $78,838
- First ends
- May 2039
Assumption
Assumption + second
$4,022/mo
+$1,401/mo- Down payment
- $46,850
- Funds due
- $60,279
- Interest + MI left
- $392,374
- First ends
- May 2039
New loan
New conventional
$3,435/mo
+$815/mo- Down payment
- $46,850
- Funds due
- $56,800
- Interest + MI left
- $626,487
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $222,150 | $222,150 | $413,150 |
| Second mortgage | — | $191,000 | — |
| First P&I | $1,841.31 | $1,841.31 | $2,860.57 |
| Second P&I | — | $1,401.49 | — |
| Mortgage insurance | $286.88 | $286.88 | $82.63 |
| Taxes, insurance & HOA | $492.08 | $492.08 | $492.08 |
| Total housing payment | $2,620.27 | $4,021.76 | $3,435.28 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$46,850
Closing costs & prepaids$13,429
Usable credit−$0
Total buyer cash needed$60,279
Earnest money paid−$0
Remaining funds due$60,279
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,600.00
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)$616.25
Initial HOA (3 months)$360.00
Prepaid interest, first (2 days)$43.82
Prepaid interest, second (2 days)$83.73
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 closing12 yr 6 moOf the original 30-year loan at 3.600%
Interest already paid$203,826Through Nov 2026
Assumption only · ends May 2039$78,838
Assumption + second · ends May 2039, second Dec 2056$392,374
New conventional · ends Dec 2056$626,487