Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,383/mo
Lowest payment- Down payment
- $357,474
- Funds due
- $368,909
- Interest + MI left
- $4,528
- First ends
- Dec 2029
Assumption
Assumption + second
$3,669/mo
+$2,285/mo- Down payment
- $38,474
- Funds due
- $51,565
- Interest + MI left
- $508,256
- First ends
- Dec 2029
New loan
New conventional
$2,992/mo
+$1,609/mo- Down payment
- $38,474
- Funds due
- $48,097
- Interest + MI left
- $499,367
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $22,526 | $22,526 | $341,526 |
| Second mortgage | — | $319,000 | — |
| First P&I | $704.31 | $704.31 | $2,313.62 |
| Second P&I | — | $2,285.36 | — |
| Mortgage insurance | $68.97 | $68.97 | $68.31 |
| Taxes, insurance & HOA | $610.00 | $610.00 | $610.00 |
| Total housing payment | $1,383.28 | $3,668.64 | $2,991.92 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,474
Closing costs & prepaids$13,090
Usable credit−$0
Total buyer cash needed$51,565
Earnest money paid−$0
Remaining funds due$51,565
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,800.00
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)$456.00
Initial HOA (3 months)$924.00
Prepaid interest, first (6 days)$29.07
Prepaid interest, second (6 days)$406.40
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 closing3 yrOf the original 30-year loan at 7.85%
Interest already paid$153,352Through Dec 2026
Assumption only · ends Dec 2029$4,528
Assumption + second · ends Dec 2029, second Jan 2057$508,256
New conventional · ends Jan 2057$499,367