Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,361/mo
Lowest payment- Down payment
- $258,161
- Funds due
- $268,102
- Interest + MI left
- $21,325
- First ends
- Jan 2034
Assumption
Assumption + second
$2,973/mo
+$1,612/mo- Down payment
- $33,161
- Funds due
- $44,687
- Interest + MI left
- $376,619
- First ends
- Jan 2034
New loan
New conventional
$2,315/mo
+$954/mo- Down payment
- $33,161
- Funds due
- $41,295
- Interest + MI left
- $426,512
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $66,739 | $66,739 | $291,739 |
| Second mortgage | — | $225,000 | — |
| First P&I | $967.33 | $967.33 | $1,976.34 |
| Second P&I | — | $1,611.93 | — |
| Mortgage insurance | $113.67 | $113.67 | $58.35 |
| Taxes, insurance & HOA | $280.00 | $280.00 | $280.00 |
| Total housing payment | $1,361.00 | $2,972.93 | $2,314.69 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,161
Closing costs & prepaids$11,526
Usable credit−$0
Total buyer cash needed$44,687
Earnest money paid−$0
Remaining funds due$44,687
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,249.00
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)$390.00
Prepaid interest, first (7 days)$77.44
Prepaid interest, second (7 days)$334.42
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 closing7 yr 1 moOf the original 30-year loan at 6.05%
Interest already paid$172,274Through Dec 2026
Assumption only · ends Jan 2034$21,325
Assumption + second · ends Jan 2034, second Jan 2057$376,619
New conventional · ends Jan 2057$426,512