Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,458/mo
Lowest payment- Down payment
- $305,490
- Funds due
- $317,509
- Interest + MI left
- $15,666
- First ends
- Apr 2033
Assumption
Assumption + second
$4,335/mo
+$1,877/mo- Down payment
- $43,490
- Funds due
- $57,093
- Interest + MI left
- $429,386
- First ends
- Apr 2033
New loan
New conventional
$3,306/mo
+$848/mo- Down payment
- $43,490
- Funds due
- $53,665
- Interest + MI left
- $557,754
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $119,510 | $119,510 | $381,510 |
| Second mortgage | — | $262,000 | — |
| First P&I | $1,728.58 | $1,728.58 | $2,584.48 |
| Second P&I | — | $1,877.00 | — |
| Mortgage insurance | $84.65 | $84.65 | $76.30 |
| Taxes, insurance & HOA | $645.00 | $645.00 | $645.00 |
| Total housing payment | $2,458.23 | $4,335.23 | $3,305.78 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,490
Closing costs & prepaids$13,603
Usable credit−$0
Total buyer cash needed$57,093
Earnest money paid−$0
Remaining funds due$57,093
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,250.00
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)$510.00
Initial HOA (3 months)$975.00
Prepaid interest, first (6 days)$58.94
Prepaid interest, second (6 days)$333.78
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 4 moOf the original 30-year loan at 3%
Interest already paid$200,426Through Dec 2026
Assumption only · ends Apr 2033$15,666
Assumption + second · ends Apr 2033, second Jan 2057$429,386
New conventional · ends Jan 2057$557,754