Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,570/mo
Lowest payment- Down payment
- $229,788
- Funds due
- $240,566
- Interest + MI left
- $87,687
- First ends
- Feb 2045
Assumption
Assumption + second
$2,957/mo
+$1,387/mo- Down payment
- $40,788
- Funds due
- $52,857
- Interest + MI left
- $397,940
- First ends
- Feb 2045
New loan
New conventional
$2,887/mo
+$1,317/mo- Down payment
- $40,788
- Funds due
- $49,413
- Interest + MI left
- $544,546
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $170,112 | $170,112 | $359,112 |
| Second mortgage | — | $189,000 | — |
| First P&I | $1,086.93 | $1,086.93 | $2,486.42 |
| Second P&I | — | $1,386.82 | — |
| Mortgage insurance | $154.10 | $154.10 | $71.82 |
| Taxes, insurance & HOA | $328.67 | $328.67 | $328.67 |
| Total housing payment | $1,569.70 | $2,956.52 | $2,886.91 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,788
Closing costs & prepaids$12,070
Usable credit−$0
Total buyer cash needed$52,857
Earnest money paid−$0
Remaining funds due$52,857
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,999.00
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)$536.00
Prepaid interest, first (1 days)$18.18
Prepaid interest, second (1 days)$41.42
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 closing18 yr 3 moOf the original 27-year loan at 3.900%
Interest already paid$66,682Through Nov 2026
Assumption only · ends Feb 2045$87,687
Assumption + second · ends Feb 2045, second Dec 2056$397,940
New conventional · ends Dec 2056$544,546