Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$523/mo
Lowest payment- Down payment
- $327,813
- Funds due
- $337,854
- Interest + MI left
- $2,289
- First ends
- May 2032
Assumption
Assumption + second
$2,622/mo
+$2,099/mo- Down payment
- $34,813
- Funds due
- $46,664
- Interest + MI left
- $464,961
- First ends
- May 2032
New loan
New conventional
$2,414/mo
+$1,892/mo- Down payment
- $34,813
- Funds due
- $43,238
- Interest + MI left
- $446,173
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $12,187 | $12,187 | $305,187 |
| Second mortgage | — | $293,000 | — |
| First P&I | $201.48 | $201.48 | $2,067.44 |
| Second P&I | — | $2,099.09 | — |
| Mortgage insurance | $35.42 | $35.42 | $61.04 |
| Taxes, insurance & HOA | $286.00 | $286.00 | $286.00 |
| Total housing payment | $522.90 | $2,621.99 | $2,414.48 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,813
Closing costs & prepaids$11,851
Usable credit−$0
Total buyer cash needed$46,664
Earnest money paid−$0
Remaining funds due$46,664
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,400.00
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)$408.00
Prepaid interest, first (9 days)$7.96
Prepaid interest, second (9 days)$559.91
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 yr 5 moOf the original 30-year loan at 2.65%
Interest already paid$21,624Through Dec 2026
Assumption only · ends May 2032$2,289
Assumption + second · ends May 2032, second Jan 2057$464,961
New conventional · ends Jan 2057$446,173