Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,128/mo
Lowest payment- Down payment
- $298,693
- Funds due
- $309,786
- Interest + MI left
- $34,688
- First ends
- Jun 2043
Assumption
Assumption + second
$2,991/mo
+$1,863/mo- Down payment
- $38,693
- Funds due
- $51,312
- Interest + MI left
- $445,250
- First ends
- Jun 2043
New loan
New conventional
$2,893/mo
+$1,765/mo- Down payment
- $38,693
- Funds due
- $47,903
- Interest + MI left
- $506,358
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $86,307 | $86,307 | $346,307 |
| Second mortgage | — | $260,000 | — |
| First P&I | $558.23 | $558.23 | $2,346.00 |
| Second P&I | — | $1,862.67 | — |
| Mortgage insurance | $92.36 | $92.36 | $69.26 |
| Taxes, insurance & HOA | $477.25 | $477.25 | $477.25 |
| Total housing payment | $1,127.85 | $2,990.52 | $2,892.52 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,693
Closing costs & prepaids$12,620
Usable credit−$0
Total buyer cash needed$51,312
Earnest money paid−$0
Remaining funds due$51,312
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,850.00
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)$981.75
Prepaid interest, first (5 days)$36.89
Prepaid interest, second (5 days)$276.03
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 yr 6 moOf the original 30-year loan at 3.12%
Interest already paid$46,344Through Dec 2026
Assumption only · ends Jun 2043$34,688
Assumption + second · ends Jun 2043, second Jan 2057$445,250
New conventional · ends Jan 2057$506,358