Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,145/mo
Lowest payment- Down payment
- $336,598
- Funds due
- $347,823
- Interest + MI left
- $24,528
- First ends
- Feb 2033
Assumption
Assumption + second
$4,237/mo
+$2,092/mo- Down payment
- $44,598
- Funds due
- $57,445
- Interest + MI left
- $485,620
- First ends
- Feb 2033
New loan
New conventional
$3,083/mo
+$938/mo- Down payment
- $44,598
- Funds due
- $53,971
- Interest + MI left
- $577,997
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $103,302 | $103,302 | $395,302 |
| Second mortgage | — | $292,000 | — |
| First P&I | $1,590.28 | $1,590.28 | $2,677.91 |
| Second P&I | — | $2,091.92 | — |
| Mortgage insurance | $228.44 | $228.44 | $79.06 |
| Taxes, insurance & HOA | $326.00 | $326.00 | $326.00 |
| Total housing payment | $2,144.72 | $4,236.65 | $3,082.97 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$44,598
Closing costs & prepaids$12,847
Usable credit−$0
Total buyer cash needed$57,445
Earnest money paid−$0
Remaining funds due$57,445
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,399.00
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)$528.00
Prepaid interest, first (6 days)$72.51
Prepaid interest, second (6 days)$372.00
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 2 moOf the original 30-year loan at 4.27%
Interest already paid$235,623Through Dec 2026
Assumption only · ends Feb 2033$24,528
Assumption + second · ends Feb 2033, second Jan 2057$485,620
New conventional · ends Jan 2057$577,997