Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,357/mo
Lowest payment- Down payment
- $272,320
- Funds due
- $285,695
- Interest + MI left
- $124,373
- First ends
- Nov 2046
Assumption
Assumption + second
$3,933/mo
+$1,576/mo- Down payment
- $52,320
- Funds due
- $67,039
- Interest + MI left
- $471,772
- First ends
- Nov 2046
New loan
New conventional
$4,031/mo
+$1,674/mo- Down payment
- $52,320
- Funds due
- $63,513
- Interest + MI left
- $701,593
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $242,680 | $242,680 | $462,680 |
| Second mortgage | — | $220,000 | — |
| First P&I | $1,399.97 | $1,399.97 | $3,203.50 |
| Second P&I | — | $1,576.11 | — |
| Mortgage insurance | $222.49 | $222.49 | $92.54 |
| Taxes, insurance & HOA | $734.67 | $734.67 | $734.67 |
| Total housing payment | $2,357.13 | $3,933.24 | $4,030.71 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$52,320
Closing costs & prepaids$14,718
Usable credit−$0
Total buyer cash needed$67,039
Earnest money paid−$0
Remaining funds due$67,039
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,150.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$1,704.00
Prepaid interest, first (2 days)$45.74
Prepaid interest, second (2 days)$93.42
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 closing20 yrOf the original 30-year loan at 3.440%
Interest already paid$96,571Through Nov 2026
Assumption only · ends Nov 2046$124,373
Assumption + second · ends Nov 2046, second Dec 2056$471,772
New conventional · ends Dec 2056$701,593