Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,803/mo
Lowest payment- Down payment
- $233,580
- Funds due
- $245,127
- Interest + MI left
- $128,535
- First ends
- May 2048
Assumption
Assumption + second
$3,197/mo
+$1,394/mo- Down payment
- $43,580
- Funds due
- $56,460
- Interest + MI left
- $440,430
- First ends
- May 2048
New loan
New conventional
$3,228/mo
+$1,426/mo- Down payment
- $43,580
- Funds due
- $53,003
- Interest + MI left
- $585,955
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $196,420 | $196,420 | $386,420 |
| Second mortgage | — | $190,000 | — |
| First P&I | $1,159.46 | $1,159.46 | $2,675.49 |
| Second P&I | — | $1,394.15 | — |
| Mortgage insurance | $167.55 | $167.55 | $77.28 |
| Taxes, insurance & HOA | $475.67 | $475.67 | $475.67 |
| Total housing payment | $1,802.68 | $3,196.83 | $3,228.44 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,580
Closing costs & prepaids$12,881
Usable credit−$0
Total buyer cash needed$56,460
Earnest money paid−$0
Remaining funds due$56,460
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,300.00
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)$683.00
Initial HOA (3 months)$294.00
Prepaid interest, first (2 days)$45.42
Prepaid interest, second (2 days)$83.29
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 yr 6 moOf the original 30-year loan at 4.220%
Interest already paid$78,150Through Nov 2026
Assumption only · ends May 2048$128,535
Assumption + second · ends May 2048, second Dec 2056$440,430
New conventional · ends Dec 2056$585,955