Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,087/mo
Lowest payment- Down payment
- $323,731
- Funds due
- $334,498
- Interest + MI left
- $18,265
- First ends
- Jun 2031
Assumption
Assumption + second
$4,114/mo
+$2,027/mo- Down payment
- $40,731
- Funds due
- $53,109
- Interest + MI left
- $465,146
- First ends
- Jun 2031
New loan
New conventional
$2,801/mo
+$714/mo- Down payment
- $40,731
- Funds due
- $49,628
- Interest + MI left
- $522,315
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $74,269 | $74,269 | $357,269 |
| Second mortgage | — | $283,000 | — |
| First P&I | $1,605.57 | $1,605.57 | $2,420.26 |
| Second P&I | — | $2,027.45 | — |
| Mortgage insurance | $171.81 | $171.81 | $71.45 |
| Taxes, insurance & HOA | $309.17 | $309.17 | $309.17 |
| Total housing payment | $2,086.54 | $4,113.99 | $2,800.89 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,731
Closing costs & prepaids$12,378
Usable credit−$0
Total buyer cash needed$53,109
Earnest money paid−$0
Remaining funds due$53,109
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,980.00
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)$477.50
Prepaid interest, first (6 days)$84.85
Prepaid interest, second (6 days)$360.53
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 closing4 yr 6 moOf the original 30-year loan at 6.95%
Interest already paid$323,021Through Dec 2026
Assumption only · ends Jun 2031$18,265
Assumption + second · ends Jun 2031, second Jan 2057$465,146
New conventional · ends Jan 2057$522,315