Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$994/mo
Lowest payment- Down payment
- $338,848
- Funds due
- $349,385
- Interest + MI left
- $11,795
- First ends
- Aug 2033
Assumption
Assumption + second
$3,144/mo
+$2,149/mo- Down payment
- $38,848
- Funds due
- $51,208
- Interest + MI left
- $485,521
- First ends
- Aug 2033
New loan
New conventional
$2,681/mo
+$1,687/mo- Down payment
- $38,848
- Funds due
- $47,744
- Interest + MI left
- $498,752
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $41,152 | $41,152 | $341,152 |
| Second mortgage | — | $300,000 | — |
| First P&I | $615.62 | $615.62 | $2,311.08 |
| Second P&I | — | $2,149.24 | — |
| Mortgage insurance | $76.80 | $76.80 | $68.23 |
| Taxes, insurance & HOA | $302.00 | $302.00 | $302.00 |
| Total housing payment | $994.42 | $3,143.66 | $2,681.31 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,848
Closing costs & prepaids$12,360
Usable credit−$0
Total buyer cash needed$51,208
Earnest money paid−$0
Remaining funds due$51,208
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,800.00
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)$456.00
Prepaid interest, first (9 days)$55.81
Prepaid interest, second (9 days)$573.29
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 5.5%
Interest already paid$105,101Through Dec 2026
Assumption only · ends Aug 2033$11,795
Assumption + second · ends Aug 2033, second Jan 2057$485,521
New conventional · ends Jan 2057$498,752