Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$996/mo
Lowest payment- Down payment
- $308,199
- Funds due
- $318,402
- Interest + MI left
- $12,246
- First ends
- Aug 2033
Assumption
Assumption + second
$2,952/mo
+$1,956/mo- Down payment
- $35,199
- Funds due
- $47,174
- Interest + MI left
- $443,336
- First ends
- Aug 2033
New loan
New conventional
$2,486/mo
+$1,489/mo- Down payment
- $35,199
- Funds due
- $43,749
- Interest + MI left
- $460,291
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $41,801 | $41,801 | $314,801 |
| Second mortgage | — | $273,000 | — |
| First P&I | $629.29 | $629.29 | $2,132.57 |
| Second P&I | — | $1,955.81 | — |
| Mortgage insurance | $76.80 | $76.80 | $62.96 |
| Taxes, insurance & HOA | $290.00 | $290.00 | $290.00 |
| Total housing payment | $996.09 | $2,951.90 | $2,485.53 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,199
Closing costs & prepaids$11,975
Usable credit−$0
Total buyer cash needed$47,174
Earnest money paid−$0
Remaining funds due$47,174
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,500.00
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)$420.00
Prepaid interest, first (9 days)$58.75
Prepaid interest, second (9 days)$521.69
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 5.7%
Interest already paid$109,580Through Dec 2026
Assumption only · ends Aug 2033$12,246
Assumption + second · ends Aug 2033, second Jan 2057$443,336
New conventional · ends Jan 2057$460,291