Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,039/mo
Lowest payment- Down payment
- $300,674
- Funds due
- $310,683
- Interest + MI left
- $13,719
- First ends
- Jul 2033
Assumption
Assumption + second
$2,938/mo
+$1,898/mo- Down payment
- $35,674
- Funds due
- $47,045
- Interest + MI left
- $432,176
- First ends
- Jul 2033
New loan
New conventional
$2,470/mo
+$1,430/mo- Down payment
- $35,674
- Funds due
- $43,638
- Interest + MI left
- $472,780
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $46,826 | $46,826 | $311,826 |
| Second mortgage | — | $265,000 | — |
| First P&I | $704.94 | $704.94 | $2,159.02 |
| Second P&I | — | $1,898.49 | — |
| Mortgage insurance | $86.03 | $86.03 | $62.37 |
| Taxes, insurance & HOA | $248.25 | $248.25 | $248.25 |
| Total housing payment | $1,039.23 | $2,937.72 | $2,469.64 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,674
Closing costs & prepaids$11,372
Usable credit−$0
Total buyer cash needed$47,045
Earnest money paid−$0
Remaining funds due$47,045
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,475.00
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)$234.75
Initial HOA (3 months)$60.00
Prepaid interest, first (2 days)$14.63
Prepaid interest, second (2 days)$112.53
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 8 moOf the original 30-year loan at 5.700%
Interest already paid$122,752Through Nov 2026
Assumption only · ends Jul 2033$13,719
Assumption + second · ends Jul 2033, second Dec 2056$432,176
New conventional · ends Dec 2056$472,780