Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,181/mo
Lowest payment- Down payment
- $335,217
- Funds due
- $345,800
- Interest + MI left
- $16,122
- First ends
- Jun 2033
Assumption
Assumption + second
$3,302/mo
+$2,121/mo- Down payment
- $39,217
- Funds due
- $51,176
- Interest + MI left
- $483,531
- First ends
- Jun 2033
New loan
New conventional
$2,777/mo
+$1,596/mo- Down payment
- $39,217
- Funds due
- $47,730
- Interest + MI left
- $524,334
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $49,783 | $49,783 | $345,783 |
| Second mortgage | — | $296,000 | — |
| First P&I | $782.25 | $782.25 | $2,394.13 |
| Second P&I | — | $2,120.58 | — |
| Mortgage insurance | $85.43 | $85.43 | $69.16 |
| Taxes, insurance & HOA | $313.25 | $313.25 | $313.25 |
| Total housing payment | $1,180.93 | $3,301.51 | $2,776.54 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,217
Closing costs & prepaids$11,959
Usable credit−$0
Total buyer cash needed$51,176
Earnest money paid−$0
Remaining funds due$51,176
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,850.00
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)$489.75
Prepaid interest, first (2 days)$18.41
Prepaid interest, second (2 days)$125.70
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 7 moOf the original 30-year loan at 6.750%
Interest already paid$148,989Through Nov 2026
Assumption only · ends Jun 2033$16,122
Assumption + second · ends Jun 2033, second Dec 2056$483,531
New conventional · ends Dec 2056$524,334