Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,057/mo
Lowest payment- Down payment
- $254,067
- Funds due
- $263,685
- Interest + MI left
- $13,196
- First ends
- May 2033
Assumption
Assumption + second
$2,662/mo
+$1,605/mo- Down payment
- $30,067
- Funds due
- $41,220
- Interest + MI left
- $366,910
- First ends
- May 2033
New loan
New conventional
$2,145/mo
+$1,088/mo- Down payment
- $30,067
- Funds due
- $37,857
- Interest + MI left
- $393,225
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $44,933 | $44,933 | $268,933 |
| Second mortgage | — | $224,000 | — |
| First P&I | $704.51 | $704.51 | $1,821.85 |
| Second P&I | — | $1,604.76 | — |
| Mortgage insurance | $83.23 | $83.23 | $53.79 |
| Taxes, insurance & HOA | $269.58 | $269.58 | $269.58 |
| Total housing payment | $1,057.33 | $2,662.09 | $2,145.22 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,067
Closing costs & prepaids$11,153
Usable credit−$0
Total buyer cash needed$41,220
Earnest money paid−$0
Remaining funds due$41,220
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,990.00
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)$358.75
Prepaid interest, first (6 days)$44.32
Prepaid interest, second (6 days)$285.37
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 5 moOf the original 30-year loan at 6%
Interest already paid$126,804Through Dec 2026
Assumption only · ends May 2033$13,196
Assumption + second · ends May 2033, second Jan 2057$366,910
New conventional · ends Jan 2057$393,225