Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,701/mo
Lowest payment- Down payment
- $243,004
- Funds due
- $253,441
- Interest + MI left
- $16,359
- First ends
- May 2032
Assumption
Assumption + second
$3,227/mo
+$1,526/mo- Down payment
- $30,004
- Funds due
- $41,782
- Interest + MI left
- $352,704
- First ends
- May 2032
New loan
New conventional
$2,470/mo
+$769/mo- Down payment
- $30,004
- Funds due
- $38,429
- Interest + MI left
- $409,467
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $56,996 | $56,996 | $269,996 |
| Second mortgage | — | $213,000 | — |
| First P&I | $1,042.93 | $1,042.93 | $1,869.40 |
| Second P&I | — | $1,525.96 | — |
| Mortgage insurance | $111.04 | $111.04 | $54.00 |
| Taxes, insurance & HOA | $546.75 | $546.75 | $546.75 |
| Total housing payment | $1,700.72 | $3,226.68 | $2,470.15 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,004
Closing costs & prepaids$11,778
Usable credit−$0
Total buyer cash needed$41,782
Earnest money paid−$0
Remaining funds due$41,782
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,000.00
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)$1,190.25
Prepaid interest, first (2 days)$21.86
Prepaid interest, second (2 days)$90.45
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 closing5 yr 6 moOf the original 30-year loan at 7.000%
Interest already paid$206,858Through Nov 2026
Assumption only · ends May 2032$16,359
Assumption + second · ends May 2032, second Dec 2056$352,704
New conventional · ends Dec 2056$409,467