Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,330/mo
Lowest payment- Down payment
- $199,626
- Funds due
- $210,043
- Interest + MI left
- $72,804
- First ends
- Apr 2046
Assumption
Assumption + second
$2,548/mo
+$1,218/mo- Down payment
- $33,626
- Funds due
- $45,620
- Interest + MI left
- $345,302
- First ends
- Apr 2046
New loan
New conventional
$2,472/mo
+$1,142/mo- Down payment
- $33,626
- Funds due
- $42,304
- Interest + MI left
- $433,289
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $130,374 | $130,374 | $296,374 |
| Second mortgage | — | $166,000 | — |
| First P&I | $805.14 | $805.14 | $2,007.74 |
| Second P&I | — | $1,218.05 | — |
| Mortgage insurance | $120.04 | $120.04 | $59.27 |
| Taxes, insurance & HOA | $405.00 | $405.00 | $405.00 |
| Total housing payment | $1,330.18 | $2,548.23 | $2,472.02 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,626
Closing costs & prepaids$11,995
Usable credit−$0
Total buyer cash needed$45,620
Earnest money paid−$0
Remaining funds due$45,620
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,300.00
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)$396.00
Initial HOA (3 months)$369.00
Prepaid interest, first (9 days)$127.30
Prepaid interest, second (9 days)$327.45
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 closing19 yr 4 moOf the original 30-year loan at 3.96%
Interest already paid$63,969Through Dec 2026
Assumption only · ends Apr 2046$72,804
Assumption + second · ends Apr 2046, second Jan 2057$345,302
New conventional · ends Jan 2057$433,289