Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,615/mo
Lowest payment- Down payment
- $296,889
- Funds due
- $308,420
- Interest + MI left
- $15,134
- First ends
- Aug 2033
Assumption
Assumption + second
$3,485/mo
+$1,870/mo- Down payment
- $35,889
- Funds due
- $49,058
- Interest + MI left
- $427,275
- First ends
- Aug 2033
New loan
New conventional
$2,920/mo
+$1,305/mo- Down payment
- $35,889
- Funds due
- $45,636
- Interest + MI left
- $457,757
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $52,111 | $52,111 | $313,111 |
| Second mortgage | — | $261,000 | — |
| First P&I | $782.52 | $782.52 | $2,121.12 |
| Second P&I | — | $1,869.84 | — |
| Mortgage insurance | $96.34 | $96.34 | $62.62 |
| Taxes, insurance & HOA | $736.58 | $736.58 | $736.58 |
| Total housing payment | $1,615.44 | $3,485.28 | $2,920.33 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,889
Closing costs & prepaids$13,169
Usable credit−$0
Total buyer cash needed$49,058
Earnest money paid−$0
Remaining funds due$49,058
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,490.00
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)$418.75
Initial HOA (3 months)$1,341.00
Prepaid interest, first (7 days)$56.17
Prepaid interest, second (7 days)$387.92
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 7 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 8 moOf the original 30-year loan at 5.62%
Interest already paid$135,207Through Dec 2026
Assumption only · ends Aug 2033$15,134
Assumption + second · ends Aug 2033, second Jan 2057$427,275
New conventional · ends Jan 2057$457,757