Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,959/mo
Lowest payment- Down payment
- $247,054
- Funds due
- $259,379
- Interest + MI left
- $52,217
- First ends
- Dec 2041
Assumption
Assumption + second
$3,464/mo
+$1,504/mo- Down payment
- $37,054
- Funds due
- $50,852
- Interest + MI left
- $383,825
- First ends
- Dec 2041
New loan
New conventional
$3,251/mo
+$1,291/mo- Down payment
- $37,054
- Funds due
- $47,473
- Interest + MI left
- $486,676
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $122,846 | $122,846 | $332,846 |
| Second mortgage | — | $210,000 | — |
| First P&I | $893.36 | $893.36 | $2,254.81 |
| Second P&I | — | $1,504.47 | — |
| Mortgage insurance | $136.64 | $136.64 | $66.57 |
| Taxes, insurance & HOA | $929.42 | $929.42 | $929.42 |
| Total housing payment | $1,959.42 | $3,463.89 | $3,250.80 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,054
Closing costs & prepaids$13,798
Usable credit−$0
Total buyer cash needed$50,852
Earnest money paid−$0
Remaining funds due$50,852
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,699.00
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)$943.25
Initial HOA (3 months)$1,395.00
Prepaid interest, first (5 days)$63.11
Prepaid interest, second (5 days)$222.95
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 closing15 yrOf the original 30-year loan at 3.75%
Interest already paid$90,749Through Dec 2026
Assumption only · ends Dec 2041$52,217
Assumption + second · ends Dec 2041, second Jan 2057$383,825
New conventional · ends Jan 2057$486,676