Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,100/mo
Lowest payment- Down payment
- $336,805
- Funds due
- $347,735
- Interest + MI left
- $6,561
- First ends
- Dec 2030
Assumption
Assumption + second
$4,213/mo
+$2,113/mo- Down payment
- $41,805
- Funds due
- $54,549
- Interest + MI left
- $472,391
- First ends
- Dec 2030
New loan
New conventional
$2,918/mo
+$818/mo- Down payment
- $41,805
- Funds due
- $51,119
- Interest + MI left
- $545,527
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $78,095 | $78,095 | $373,095 |
| Second mortgage | — | $295,000 | — |
| First P&I | $1,728.58 | $1,728.58 | $2,527.48 |
| Second P&I | — | $2,113.42 | — |
| Mortgage insurance | $55.32 | $55.32 | $74.62 |
| Taxes, insurance & HOA | $316.00 | $316.00 | $316.00 |
| Total housing payment | $2,099.89 | $4,213.31 | $2,918.09 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$41,805
Closing costs & prepaids$12,744
Usable credit−$0
Total buyer cash needed$54,549
Earnest money paid−$0
Remaining funds due$54,549
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,149.00
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)$498.00
Prepaid interest, first (9 days)$57.77
Prepaid interest, second (9 days)$563.73
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 closing4 yrOf the original 30-year loan at 3%
Interest already paid$207,411Through Dec 2026
Assumption only · ends Dec 2030$6,561
Assumption + second · ends Dec 2030, second Jan 2057$472,391
New conventional · ends Jan 2057$545,527