Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,761/mo
Lowest payment- Down payment
- $290,366
- Funds due
- $302,287
- Interest + MI left
- $69,602
- First ends
- May 2043
Assumption
Assumption + second
$3,516/mo
+$1,755/mo- Down payment
- $45,366
- Funds due
- $58,745
- Interest + MI left
- $456,477
- First ends
- May 2043
New loan
New conventional
$3,328/mo
+$1,567/mo- Down payment
- $45,366
- Funds due
- $55,287
- Interest + MI left
- $583,228
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $158,634 | $158,634 | $403,634 |
| Second mortgage | — | $245,000 | — |
| First P&I | $1,062.14 | $1,062.14 | $2,715.27 |
| Second P&I | — | $1,755.21 | — |
| Mortgage insurance | $166.92 | $166.92 | $80.73 |
| Taxes, insurance & HOA | $531.67 | $531.67 | $531.67 |
| Total housing payment | $1,760.73 | $3,515.94 | $3,327.67 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,366
Closing costs & prepaids$13,379
Usable credit−$0
Total buyer cash needed$58,745
Earnest money paid−$0
Remaining funds due$58,745
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,490.00
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)$1,145.00
Prepaid interest, first (4 days)$61.37
Prepaid interest, second (4 days)$208.08
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 4 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 5 moOf the original 30-year loan at 3.53%
Interest already paid$96,110Through Dec 2026
Assumption only · ends May 2043$69,602
Assumption + second · ends May 2043, second Jan 2057$456,477
New conventional · ends Jan 2057$583,228