Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,049/mo
Lowest payment- Down payment
- $262,862
- Funds due
- $272,941
- Interest + MI left
- $10,688
- First ends
- Aug 2033
Assumption
Assumption + second
$2,711/mo
+$1,662/mo- Down payment
- $30,862
- Funds due
- $42,289
- Interest + MI left
- $377,036
- First ends
- Aug 2033
New loan
New conventional
$2,348/mo
+$1,299/mo- Down payment
- $30,862
- Funds due
- $38,931
- Interest + MI left
- $408,058
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $37,138 | $37,138 | $269,138 |
| Second mortgage | — | $232,000 | — |
| First P&I | $549.02 | $549.02 | $1,863.46 |
| Second P&I | — | $1,662.08 | — |
| Mortgage insurance | $68.87 | $68.87 | $53.83 |
| Taxes, insurance & HOA | $431.00 | $431.00 | $431.00 |
| Total housing payment | $1,048.89 | $2,710.97 | $2,348.28 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,862
Closing costs & prepaids$11,428
Usable credit−$0
Total buyer cash needed$42,289
Earnest money paid−$0
Remaining funds due$42,289
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)$843.00
Prepaid interest, first (2 days)$11.09
Prepaid interest, second (2 days)$98.52
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 closing6 yr 9 moOf the original 30-year loan at 5.450%
Interest already paid$93,084Through Nov 2026
Assumption only · ends Aug 2033$10,688
Assumption + second · ends Aug 2033, second Dec 2056$377,036
New conventional · ends Dec 2056$408,058