Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,949/mo
Lowest payment- Down payment
- $340,713
- Funds due
- $352,951
- Interest + MI left
- $15,404
- First ends
- Dec 2032
Assumption
Assumption + second
$4,098/mo
+$2,149/mo- Down payment
- $40,713
- Funds due
- $54,647
- Interest + MI left
- $489,130
- First ends
- Dec 2032
New loan
New conventional
$3,327/mo
+$1,378/mo- Down payment
- $40,713
- Funds due
- $51,190
- Interest + MI left
- $532,648
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $64,287 | $64,287 | $364,287 |
| Second mortgage | — | $300,000 | — |
| First P&I | $1,020.50 | $1,020.50 | $2,467.81 |
| Second P&I | — | $2,149.24 | — |
| Mortgage insurance | $142.66 | $142.66 | $72.86 |
| Taxes, insurance & HOA | $786.00 | $786.00 | $786.00 |
| Total housing payment | $1,949.16 | $4,098.40 | $3,326.66 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,713
Closing costs & prepaids$13,934
Usable credit−$0
Total buyer cash needed$54,647
Earnest money paid−$0
Remaining funds due$54,647
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,050.00
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)$486.00
Initial HOA (3 months)$1,422.00
Prepaid interest, first (7 days)$55.48
Prepaid interest, second (7 days)$445.89
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 7 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 yrOf the original 30-year loan at 4.5%
Interest already paid$156,784Through Dec 2026
Assumption only · ends Dec 2032$15,404
Assumption + second · ends Dec 2032, second Jan 2057$489,130
New conventional · ends Jan 2057$532,648