Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,194/mo
Lowest payment- Down payment
- $299,716
- Funds due
- $310,431
- Interest + MI left
- $8,204
- First ends
- Dec 2031
Assumption
Assumption + second
$3,100/mo
+$1,906/mo- Down payment
- $33,716
- Funds due
- $46,190
- Interest + MI left
- $428,241
- First ends
- Dec 2031
New loan
New conventional
$2,595/mo
+$1,401/mo- Down payment
- $33,716
- Funds due
- $42,765
- Interest + MI left
- $433,157
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $30,284 | $30,284 | $296,284 |
| Second mortgage | — | $266,000 | — |
| First P&I | $601.81 | $601.81 | $2,007.13 |
| Second P&I | — | $1,905.66 | — |
| Mortgage insurance | $63.11 | $63.11 | $59.26 |
| Taxes, insurance & HOA | $529.00 | $529.00 | $529.00 |
| Total housing payment | $1,193.92 | $3,099.58 | $2,595.39 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,716
Closing costs & prepaids$12,474
Usable credit−$0
Total buyer cash needed$46,190
Earnest money paid−$0
Remaining funds due$46,190
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,300.00
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)$396.00
Initial HOA (3 months)$741.00
Prepaid interest, first (9 days)$53.39
Prepaid interest, second (9 days)$508.32
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 closing5 yrOf the original 30-year loan at 7.15%
Interest already paid$121,723Through Dec 2026
Assumption only · ends Dec 2031$8,204
Assumption + second · ends Dec 2031, second Jan 2057$428,241
New conventional · ends Jan 2057$433,157