Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$612/mo
Lowest payment- Down payment
- $166,187
- Funds due
- $174,914
- Interest + MI left
- $16,359
- First ends
- Sep 2041
Assumption
Assumption + second
$1,684/mo
+$1,071/mo- Down payment
- $20,187
- Funds due
- $30,196
- Interest + MI left
- $256,026
- First ends
- Sep 2041
New loan
New conventional
$1,596/mo
+$984/mo- Down payment
- $20,187
- Funds due
- $26,944
- Interest + MI left
- $272,511
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $33,713 | $33,713 | $179,713 |
| Second mortgage | — | $146,000 | — |
| First P&I | $259.93 | $259.93 | $1,244.30 |
| Second P&I | — | $1,071.30 | — |
| Mortgage insurance | $36.34 | $36.34 | $35.94 |
| Taxes, insurance & HOA | $316.17 | $316.17 | $316.17 |
| Total housing payment | $612.44 | $1,683.74 | $1,596.41 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$20,187
Closing costs & prepaids$10,009
Usable credit−$0
Total buyer cash needed$30,196
Earnest money paid−$0
Remaining funds due$30,196
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,999.00
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)$498.50
Prepaid interest, first (1 days)$4.16
Prepaid interest, second (1 days)$32.00
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 closing14 yr 10 moOf the original 30-year loan at 4.500%
Interest already paid$29,720Through Nov 2026
Assumption only · ends Sep 2041$16,359
Assumption + second · ends Sep 2041, second Dec 2056$256,026
New conventional · ends Dec 2056$272,511