Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,060/mo
Lowest payment- Down payment
- $263,990
- Funds due
- $273,467
- Interest + MI left
- $8,732
- First ends
- Jun 2031
Assumption
Assumption + second
$2,737/mo
+$1,676/mo- Down payment
- $29,990
- Funds due
- $40,767
- Interest + MI left
- $378,238
- First ends
- Jun 2031
New loan
New conventional
$2,152/mo
+$1,091/mo- Down payment
- $29,990
- Funds due
- $37,415
- Interest + MI left
- $407,972
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $35,010 | $35,010 | $269,010 |
| Second mortgage | — | $234,000 | — |
| First P&I | $745.29 | $745.29 | $1,862.57 |
| Second P&I | — | $1,676.40 | — |
| Mortgage insurance | $79.67 | $79.67 | $53.80 |
| Taxes, insurance & HOA | $235.25 | $235.25 | $235.25 |
| Total housing payment | $1,060.21 | $2,736.62 | $2,151.62 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,990
Closing costs & prepaids$10,777
Usable credit−$0
Total buyer cash needed$40,767
Earnest money paid−$0
Remaining funds due$40,767
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,990.00
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)$255.75
Prepaid interest, first (1 days)$6.68
Prepaid interest, second (1 days)$49.68
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 closing4 yr 7 moOf the original 30-year loan at 6.960%
Interest already paid$149,847Through Nov 2026
Assumption only · ends Jun 2031$8,732
Assumption + second · ends Jun 2031, second Dec 2056$378,238
New conventional · ends Dec 2056$407,972