Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,541/mo
Lowest payment- Down payment
- $261,671
- Funds due
- $272,575
- Interest + MI left
- $14,998
- First ends
- Jul 2033
Assumption
Assumption + second
$3,189/mo
+$1,648/mo- Down payment
- $31,671
- Funds due
- $44,167
- Interest + MI left
- $378,188
- First ends
- Jul 2033
New loan
New conventional
$2,615/mo
+$1,074/mo- Down payment
- $31,671
- Funds due
- $40,792
- Interest + MI left
- $413,543
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $52,829 | $52,829 | $282,829 |
| Second mortgage | — | $230,000 | — |
| First P&I | $798.60 | $798.60 | $1,915.98 |
| Second P&I | — | $1,647.75 | — |
| Mortgage insurance | $99.63 | $99.63 | $56.57 |
| Taxes, insurance & HOA | $642.83 | $642.83 | $642.83 |
| Total housing payment | $1,541.06 | $3,188.80 | $2,615.38 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$31,671
Closing costs & prepaids$12,496
Usable credit−$0
Total buyer cash needed$44,167
Earnest money paid−$0
Remaining funds due$44,167
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,145.00
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)$377.50
Initial HOA (3 months)$1,101.00
Prepaid interest, first (7 days)$55.72
Prepaid interest, second (7 days)$341.85
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 yr 7 moOf the original 30-year loan at 5.5%
Interest already paid$136,584Through Dec 2026
Assumption only · ends Jul 2033$14,998
Assumption + second · ends Jul 2033, second Jan 2057$378,188
New conventional · ends Jan 2057$413,543