Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,683/mo
Lowest payment- Down payment
- $329,775
- Funds due
- $340,551
- Interest + MI left
- $20,820
- First ends
- Aug 2032
Assumption
Assumption + second
$3,754/mo
+$2,070/mo- Down payment
- $40,775
- Funds due
- $53,169
- Interest + MI left
- $477,175
- First ends
- Aug 2032
New loan
New conventional
$2,808/mo
+$1,125/mo- Down payment
- $40,775
- Funds due
- $49,684
- Interest + MI left
- $523,713
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $69,225 | $69,225 | $358,225 |
| Second mortgage | — | $289,000 | — |
| First P&I | $1,244.44 | $1,244.44 | $2,426.74 |
| Second P&I | — | $2,070.43 | — |
| Mortgage insurance | $129.22 | $129.22 | $71.65 |
| Taxes, insurance & HOA | $309.58 | $309.58 | $309.58 |
| Total housing payment | $1,683.24 | $3,753.67 | $2,807.97 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,775
Closing costs & prepaids$12,394
Usable credit−$0
Total buyer cash needed$53,169
Earnest money paid−$0
Remaining funds due$53,169
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,990.00
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)$478.75
Prepaid interest, first (6 days)$82.50
Prepaid interest, second (6 days)$368.18
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 closing5 yr 8 moOf the original 30-year loan at 7.25%
Interest already paid$250,179Through Dec 2026
Assumption only · ends Aug 2032$20,820
Assumption + second · ends Aug 2032, second Jan 2057$477,175
New conventional · ends Jan 2057$523,713