Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,386/mo
Lowest payment- Down payment
- $204,924
- Funds due
- $215,289
- Interest + MI left
- $53,984
- First ends
- Dec 2042
Assumption
Assumption + second
$2,648/mo
+$1,262/mo- Down payment
- $32,924
- Funds due
- $44,728
- Interest + MI left
- $336,331
- First ends
- Dec 2042
New loan
New conventional
$2,463/mo
+$1,077/mo- Down payment
- $32,924
- Funds due
- $41,386
- Interest + MI left
- $427,063
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $120,076 | $120,076 | $292,076 |
| Second mortgage | — | $172,000 | — |
| First P&I | $832.61 | $832.61 | $1,978.62 |
| Second P&I | — | $1,262.08 | — |
| Mortgage insurance | $127.35 | $127.35 | $58.42 |
| Taxes, insurance & HOA | $426.25 | $426.25 | $426.25 |
| Total housing payment | $1,386.21 | $2,648.29 | $2,463.29 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,924
Closing costs & prepaids$11,804
Usable credit−$0
Total buyer cash needed$44,728
Earnest money paid−$0
Remaining funds due$44,728
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,250.00
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)$828.75
Prepaid interest, first (5 days)$61.68
Prepaid interest, second (5 days)$188.49
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 closing16 yrOf the original 30-year loan at 3.75%
Interest already paid$80,170Through Dec 2026
Assumption only · ends Dec 2042$53,984
Assumption + second · ends Dec 2042, second Jan 2057$336,331
New conventional · ends Jan 2057$427,063