Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,351/mo
Lowest payment- Down payment
- $345,850
- Funds due
- $356,730
- Interest + MI left
- $20,272
- First ends
- Jan 2034
Assumption
Assumption + second
$3,529/mo
+$2,178/mo- Down payment
- $41,850
- Funds due
- $54,367
- Interest + MI left
- $500,314
- First ends
- Jan 2034
New loan
New conventional
$2,882/mo
+$1,531/mo- Down payment
- $41,850
- Funds due
- $50,883
- Interest + MI left
- $538,223
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $64,150 | $64,150 | $368,150 |
| Second mortgage | — | $304,000 | — |
| First P&I | $926.72 | $926.72 | $2,493.98 |
| Second P&I | — | $2,177.89 | — |
| Mortgage insurance | $110.08 | $110.08 | $73.63 |
| Taxes, insurance & HOA | $314.00 | $314.00 | $314.00 |
| Total housing payment | $1,350.80 | $3,528.69 | $2,881.61 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$41,850
Closing costs & prepaids$12,517
Usable credit−$0
Total buyer cash needed$54,367
Earnest money paid−$0
Remaining funds due$54,367
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,100.00
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)$492.00
Prepaid interest, first (6 days)$62.74
Prepaid interest, second (6 days)$387.29
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 closing7 yr 1 moOf the original 30-year loan at 5.95%
Interest already paid$163,597Through Dec 2026
Assumption only · ends Jan 2034$20,272
Assumption + second · ends Jan 2034, second Jan 2057$500,314
New conventional · ends Jan 2057$538,223