Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,847/mo
Lowest payment- Down payment
- $192,023
- Funds due
- $203,060
- Interest + MI left
- $158,720
- First ends
- Jun 2049
Assumption
Assumption + second
$2,948/mo
+$1,101/mo- Down payment
- $42,023
- Funds due
- $54,342
- Interest + MI left
- $404,953
- First ends
- Jun 2049
New loan
New conventional
$3,037/mo
+$1,190/mo- Down payment
- $42,023
- Funds due
- $50,889
- Interest + MI left
- $573,228
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $227,977 | $227,977 | $377,977 |
| Second mortgage | — | $150,000 | — |
| First P&I | $1,313.69 | $1,313.69 | $2,617.04 |
| Second P&I | — | $1,100.65 | — |
| Mortgage insurance | $188.48 | $188.48 | $75.60 |
| Taxes, insurance & HOA | $344.84 | $344.84 | $344.84 |
| Total housing payment | $1,847.00 | $2,947.65 | $3,037.47 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,023
Closing costs & prepaids$12,319
Usable credit−$0
Total buyer cash needed$54,342
Earnest money paid−$0
Remaining funds due$54,342
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,200.00
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)$355.25
Initial HOA (3 months)$229.26
Prepaid interest, first (1 days)$26.73
Prepaid interest, second (1 days)$32.88
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 closing22 yr 7 moOf the original 30-year loan at 4.280%
Interest already paid$78,804Through Nov 2026
Assumption only · ends Jun 2049$158,720
Assumption + second · ends Jun 2049, second Dec 2056$404,953
New conventional · ends Dec 2056$573,228