Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,349/mo
Lowest payment- Down payment
- $274,144
- Funds due
- $284,119
- Interest + MI left
- $26,404
- First ends
- Oct 2034
Assumption
Assumption + second
$3,061/mo
+$1,712/mo- Down payment
- $35,144
- Funds due
- $46,471
- Interest + MI left
- $403,805
- First ends
- Oct 2034
New loan
New conventional
$2,468/mo
+$1,119/mo- Down payment
- $35,144
- Funds due
- $43,071
- Interest + MI left
- $477,500
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $75,856 | $75,856 | $314,856 |
| Second mortgage | — | $239,000 | — |
| First P&I | $1,005.04 | $1,005.04 | $2,180.00 |
| Second P&I | — | $1,712.23 | — |
| Mortgage insurance | $118.74 | $118.74 | $62.97 |
| Taxes, insurance & HOA | $225.17 | $225.17 | $225.17 |
| Total housing payment | $1,348.94 | $3,061.17 | $2,468.14 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,144
Closing costs & prepaids$11,327
Usable credit−$0
Total buyer cash needed$46,471
Earnest money paid−$0
Remaining funds due$46,471
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,500.00
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)$225.50
Prepaid interest, first (2 days)$24.94
Prepaid interest, second (2 days)$101.49
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 closing7 yr 11 moOf the original 30-year loan at 6.000%
Interest already paid$174,559Through Nov 2026
Assumption only · ends Oct 2034$26,404
Assumption + second · ends Oct 2034, second Dec 2056$403,805
New conventional · ends Dec 2056$477,500