Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,755/mo
Lowest payment- Down payment
- $346,990
- Funds due
- $358,951
- Interest + MI left
- $18,407
- First ends
- Nov 2033
Assumption
Assumption + second
$3,940/mo
+$2,185/mo- Down payment
- $41,990
- Funds due
- $55,590
- Interest + MI left
- $500,028
- First ends
- Nov 2033
New loan
New conventional
$3,263/mo
+$1,508/mo- Down payment
- $41,990
- Funds due
- $52,118
- Interest + MI left
- $545,402
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $68,010 | $68,010 | $373,010 |
| Second mortgage | — | $305,000 | — |
| First P&I | $962.96 | $962.96 | $2,526.90 |
| Second P&I | — | $2,185.06 | — |
| Mortgage insurance | $130.76 | $130.76 | $74.60 |
| Taxes, insurance & HOA | $661.00 | $661.00 | $661.00 |
| Total housing payment | $1,754.72 | $3,939.78 | $3,262.50 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$41,990
Closing costs & prepaids$13,600
Usable credit−$0
Total buyer cash needed$55,590
Earnest money paid−$0
Remaining funds due$55,590
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,150.00
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)$498.00
Initial HOA (3 months)$1,035.00
Prepaid interest, first (6 days)$53.10
Prepaid interest, second (6 days)$388.56
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 11 moOf the original 30-year loan at 4.75%
Interest already paid$150,150Through Dec 2026
Assumption only · ends Nov 2033$18,407
Assumption + second · ends Nov 2033, second Jan 2057$500,028
New conventional · ends Jan 2057$545,402