Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,006/mo
Lowest payment- Down payment
- $275,633
- Funds due
- $285,731
- Interest + MI left
- $15,065
- First ends
- Jan 2035
Assumption
Assumption + second
$2,747/mo
+$1,741/mo- Down payment
- $32,633
- Funds due
- $44,032
- Interest + MI left
- $398,783
- First ends
- Jan 2035
New loan
New conventional
$2,419/mo
+$1,413/mo- Down payment
- $32,633
- Funds due
- $40,656
- Interest + MI left
- $435,602
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $44,267 | $44,267 | $287,267 |
| Second mortgage | — | $243,000 | — |
| First P&I | $563.88 | $563.88 | $1,988.98 |
| Second P&I | — | $1,740.88 | — |
| Mortgage insurance | $69.57 | $69.57 | $57.45 |
| Taxes, insurance & HOA | $372.42 | $372.42 | $372.42 |
| Total housing payment | $1,005.87 | $2,746.75 | $2,418.85 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,633
Closing costs & prepaids$11,400
Usable credit−$0
Total buyer cash needed$44,032
Earnest money paid−$0
Remaining funds due$44,032
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,199.00
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)$667.25
Prepaid interest, first (1 days)$6.79
Prepaid interest, second (1 days)$51.60
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 closing8 yr 2 moOf the original 30-year loan at 5.600%
Interest already paid$93,780Through Nov 2026
Assumption only · ends Jan 2035$15,065
Assumption + second · ends Jan 2035, second Dec 2056$398,783
New conventional · ends Dec 2056$435,602