Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,359/mo
Lowest payment- Down payment
- $278,960
- Funds due
- $289,040
- Interest + MI left
- $17,074
- First ends
- Mar 2033
Assumption
Assumption + second
$3,114/mo
+$1,755/mo- Down payment
- $33,960
- Funds due
- $45,602
- Interest + MI left
- $403,949
- First ends
- Mar 2033
New loan
New conventional
$2,413/mo
+$1,054/mo- Down payment
- $33,960
- Funds due
- $42,202
- Interest + MI left
- $446,019
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $60,040 | $60,040 | $305,040 |
| Second mortgage | — | $245,000 | — |
| First P&I | $958.56 | $958.56 | $2,066.45 |
| Second P&I | — | $1,755.21 | — |
| Mortgage insurance | $114.72 | $114.72 | $61.01 |
| Taxes, insurance & HOA | $285.58 | $285.58 | $285.58 |
| Total housing payment | $1,358.86 | $3,114.07 | $2,413.04 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,960
Closing costs & prepaids$11,642
Usable credit−$0
Total buyer cash needed$45,602
Earnest money paid−$0
Remaining funds due$45,602
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,390.00
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)$406.75
Prepaid interest, first (6 days)$58.03
Prepaid interest, second (6 days)$312.12
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 3 moOf the original 30-year loan at 5.88%
Interest already paid$171,272Through Dec 2026
Assumption only · ends Mar 2033$17,074
Assumption + second · ends Mar 2033, second Jan 2057$403,949
New conventional · ends Jan 2057$446,019