Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$536/mo
Lowest payment- Down payment
- $300,605
- Funds due
- $310,806
- Interest + MI left
- $11,525
- First ends
- Jan 2048
Assumption
Assumption + second
$2,456/mo
+$1,920/mo- Down payment
- $32,605
- Funds due
- $44,113
- Interest + MI left
- $434,720
- First ends
- Jan 2048
New loan
New conventional
$2,455/mo
+$1,919/mo- Down payment
- $32,605
- Funds due
- $40,735
- Interest + MI left
- $435,796
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $19,395 | $19,395 | $287,395 |
| Second mortgage | — | $268,000 | — |
| First P&I | $111.76 | $111.76 | $1,989.86 |
| Second P&I | — | $1,919.98 | — |
| Mortgage insurance | $16.89 | $16.89 | $57.48 |
| Taxes, insurance & HOA | $407.75 | $407.75 | $407.75 |
| Total housing payment | $536.40 | $2,456.39 | $2,455.09 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,605
Closing costs & prepaids$11,507
Usable credit−$0
Total buyer cash needed$44,113
Earnest money paid−$0
Remaining funds due$44,113
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,200.00
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)$572.25
Initial HOA (3 months)$201.00
Prepaid interest, first (1 days)$2.05
Prepaid interest, second (1 days)$56.90
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 closing21 yr 2 moOf the original 30-year loan at 3.850%
Interest already paid$7,401Through Nov 2026
Assumption only · ends Jan 2048$11,525
Assumption + second · ends Jan 2048, second Dec 2056$434,720
New conventional · ends Dec 2056$435,796