Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$432/mo
Lowest payment- Down payment
- $221,282
- Funds due
- $230,461
- Interest + MI left
- $7,035
- First ends
- Mar 2049
Assumption
Assumption + second
$1,878/mo
+$1,446/mo- Down payment
- $24,282
- Funds due
- $34,883
- Interest + MI left
- $330,421
- First ends
- Mar 2049
New loan
New conventional
$1,809/mo
+$1,377/mo- Down payment
- $24,282
- Funds due
- $31,578
- Interest + MI left
- $304,433
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $13,718 | $13,718 | $210,718 |
| Second mortgage | — | $197,000 | — |
| First P&I | $71.32 | $71.32 | $1,417.51 |
| Second P&I | — | $1,445.52 | — |
| Mortgage insurance | $11.05 | $11.05 | $42.14 |
| Taxes, insurance & HOA | $349.75 | $349.75 | $349.75 |
| Total housing payment | $432.13 | $1,877.64 | $1,809.41 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$24,282
Closing costs & prepaids$10,602
Usable credit−$0
Total buyer cash needed$34,883
Earnest money paid−$0
Remaining funds due$34,883
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,350.00
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)$599.25
Prepaid interest, first (4 days)$4.69
Prepaid interest, second (4 days)$172.71
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 closing22 yr 3 moOf the original 27-year loan at 3.12%
Interest already paid$2,179Through Dec 2026
Assumption only · ends Mar 2049$7,035
Assumption + second · ends Mar 2049, second Jan 2057$330,421
New conventional · ends Jan 2057$304,433