Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,689/mo
Lowest payment- Down payment
- $345,170
- Funds due
- $356,702
- Interest + MI left
- $10,524
- First ends
- Apr 2031
Assumption
Assumption + second
$3,881/mo
+$2,192/mo- Down payment
- $39,170
- Funds due
- $52,342
- Interest + MI left
- $493,724
- First ends
- Apr 2031
New loan
New conventional
$3,045/mo
+$1,356/mo- Down payment
- $39,170
- Funds due
- $48,873
- Interest + MI left
- $511,509
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $43,830 | $43,830 | $349,830 |
| Second mortgage | — | $306,000 | — |
| First P&I | $979.20 | $979.20 | $2,369.87 |
| Second P&I | — | $2,192.22 | — |
| Mortgage insurance | $104.46 | $104.46 | $69.97 |
| Taxes, insurance & HOA | $605.58 | $605.58 | $605.58 |
| Total housing payment | $1,689.25 | $3,881.47 | $3,045.42 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,170
Closing costs & prepaids$13,172
Usable credit−$0
Total buyer cash needed$52,342
Earnest money paid−$0
Remaining funds due$52,342
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,890.00
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)$466.75
Initial HOA (3 months)$900.00
Prepaid interest, first (6 days)$50.29
Prepaid interest, second (6 days)$389.84
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 4 moOf the original 30-year loan at 6.98%
Interest already paid$197,945Through Dec 2026
Assumption only · ends Apr 2031$10,524
Assumption + second · ends Apr 2031, second Jan 2057$493,724
New conventional · ends Jan 2057$511,509