Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,392/mo
Lowest payment- Down payment
- $271,027
- Funds due
- $281,222
- Interest + MI left
- $25,641
- First ends
- Dec 2034
Assumption
Assumption + second
$3,083/mo
+$1,691/mo- Down payment
- $35,027
- Funds due
- $46,522
- Interest + MI left
- $398,305
- First ends
- Dec 2034
New loan
New conventional
$2,527/mo
+$1,135/mo- Down payment
- $35,027
- Funds due
- $43,123
- Interest + MI left
- $469,881
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $73,873 | $73,873 | $309,873 |
| Second mortgage | — | $236,000 | — |
| First P&I | $956.89 | $956.89 | $2,145.50 |
| Second P&I | — | $1,690.73 | — |
| Mortgage insurance | $115.14 | $115.14 | $61.97 |
| Taxes, insurance & HOA | $319.84 | $319.84 | $319.84 |
| Total housing payment | $1,391.86 | $3,082.60 | $2,527.31 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,027
Closing costs & prepaids$11,495
Usable credit−$0
Total buyer cash needed$46,522
Earnest money paid−$0
Remaining funds due$46,522
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,449.00
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)$384.50
Initial HOA (3 months)$125.01
Prepaid interest, first (1 days)$11.80
Prepaid interest, second (1 days)$50.11
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 1 moOf the original 30-year loan at 5.830%
Interest already paid$162,982Through Nov 2026
Assumption only · ends Dec 2034$25,641
Assumption + second · ends Dec 2034, second Dec 2056$398,305
New conventional · ends Dec 2056$469,881