Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,373/mo
Lowest payment- Down payment
- $331,445
- Funds due
- $342,043
- Interest + MI left
- $15,399
- First ends
- Jul 2032
Assumption
Assumption + second
$3,465/mo
+$2,092/mo- Down payment
- $39,445
- Funds due
- $51,665
- Interest + MI left
- $476,492
- First ends
- Jul 2032
New loan
New conventional
$2,714/mo
+$1,341/mo- Down payment
- $39,445
- Funds due
- $48,195
- Interest + MI left
- $505,189
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $53,555 | $53,555 | $345,555 |
| Second mortgage | — | $292,000 | — |
| First P&I | $965.17 | $965.17 | $2,340.91 |
| Second P&I | — | $2,091.92 | — |
| Mortgage insurance | $103.91 | $103.91 | $69.11 |
| Taxes, insurance & HOA | $304.00 | $304.00 | $304.00 |
| Total housing payment | $1,373.08 | $3,465.00 | $2,714.02 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,445
Closing costs & prepaids$12,220
Usable credit−$0
Total buyer cash needed$51,665
Earnest money paid−$0
Remaining funds due$51,665
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,850.00
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)$462.00
Prepaid interest, first (6 days)$60.66
Prepaid interest, second (6 days)$372.00
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 closing5 yr 7 moOf the original 30-year loan at 6.89%
Interest already paid$189,651Through Dec 2026
Assumption only · ends Jul 2032$15,399
Assumption + second · ends Jul 2032, second Jan 2057$476,492
New conventional · ends Jan 2057$505,189