Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,548/mo
Lowest payment- Down payment
- $329,103
- Funds due
- $339,833
- Interest + MI left
- $11,239
- First ends
- Aug 2032
Assumption
Assumption + second
$3,619/mo
+$2,070/mo- Down payment
- $40,103
- Funds due
- $52,451
- Interest + MI left
- $467,595
- First ends
- Aug 2032
New loan
New conventional
$2,813/mo
+$1,264/mo- Down payment
- $40,103
- Funds due
- $49,019
- Interest + MI left
- $524,767
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $69,897 | $69,897 | $358,897 |
| Second mortgage | — | $289,000 | — |
| First P&I | $1,124.96 | $1,124.96 | $2,431.29 |
| Second P&I | — | $2,070.43 | — |
| Mortgage insurance | $113.88 | $113.88 | $71.78 |
| Taxes, insurance & HOA | $309.58 | $309.58 | $309.58 |
| Total housing payment | $1,548.42 | $3,618.85 | $2,812.66 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,103
Closing costs & prepaids$12,349
Usable credit−$0
Total buyer cash needed$52,451
Earnest money paid−$0
Remaining funds due$52,451
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)$36.65
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 15-year loan at 3.19%
Interest already paid$35,128Through Dec 2026
Assumption only · ends Aug 2032$11,239
Assumption + second · ends Aug 2032, second Jan 2057$467,595
New conventional · ends Jan 2057$524,767