Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,282/mo
Lowest payment- Down payment
- $344,362
- Funds due
- $355,108
- Interest + MI left
- $13,657
- First ends
- Mar 2033
Assumption
Assumption + second
$3,459/mo
+$2,178/mo- Down payment
- $40,362
- Funds due
- $52,745
- Interest + MI left
- $493,699
- First ends
- Mar 2033
New loan
New conventional
$2,818/mo
+$1,537/mo- Down payment
- $40,362
- Funds due
- $49,288
- Interest + MI left
- $525,850
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $55,638 | $55,638 | $359,638 |
| Second mortgage | — | $304,000 | — |
| First P&I | $852.43 | $852.43 | $2,436.31 |
| Second P&I | — | $2,177.89 | — |
| Mortgage insurance | $119.17 | $119.17 | $71.93 |
| Taxes, insurance & HOA | $310.00 | $310.00 | $310.00 |
| Total housing payment | $1,281.59 | $3,459.49 | $2,818.24 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,362
Closing costs & prepaids$12,383
Usable credit−$0
Total buyer cash needed$52,745
Earnest money paid−$0
Remaining funds due$52,745
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,000.00
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)$480.00
Prepaid interest, first (6 days)$41.16
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 closing6 yr 3 moOf the original 30-year loan at 4.5%
Interest already paid$130,344Through Dec 2026
Assumption only · ends Mar 2033$13,657
Assumption + second · ends Mar 2033, second Jan 2057$493,699
New conventional · ends Jan 2057$525,850