Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,716/mo
Lowest payment- Down payment
- $93,783
- Funds due
- $103,766
- Interest + MI left
- $140,240
- First ends
- Apr 2049
Assumption
Assumption + second
$2,231/mo
+$515/mo- Down payment
- $29,783
- Funds due
- $41,095
- Interest + MI left
- $261,625
- First ends
- Apr 2049
New loan
New conventional
$2,211/mo
+$495/mo- Down payment
- $29,783
- Funds due
- $37,804
- Interest + MI left
- $380,282
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $196,117 | $196,117 | $260,117 |
| Second mortgage | — | $64,000 | — |
| First P&I | $1,157.01 | $1,157.01 | $1,762.12 |
| Second P&I | — | $514.96 | — |
| Mortgage insurance | $162.51 | $162.51 | $52.02 |
| Taxes, insurance & HOA | $396.42 | $396.42 | $396.42 |
| Total housing payment | $1,715.93 | $2,230.89 | $2,210.56 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,783
Closing costs & prepaids$11,312
Usable credit−$0
Total buyer cash needed$41,095
Earnest money paid−$0
Remaining funds due$41,095
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,899.00
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)$739.25
Prepaid interest, first (5 days)$119.82
Prepaid interest, second (5 days)$78.90
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 5 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 4 moOf the original 30-year loan at 4.46%
Interest already paid$73,138Through Dec 2026
Assumption only · ends Apr 2049$140,240
Assumption + second · ends Apr 2049, second Jan 2057$261,625
New conventional · ends Jan 2057$380,282