Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,127/mo
Lowest payment- Down payment
- $321,894
- Funds due
- $332,590
- Interest + MI left
- $17,027
- First ends
- Jan 2034
Assumption
Assumption + second
$3,169/mo
+$2,042/mo- Down payment
- $36,894
- Funds due
- $49,385
- Interest + MI left
- $467,066
- First ends
- Jan 2034
New loan
New conventional
$2,683/mo
+$1,556/mo- Down payment
- $36,894
- Funds due
- $45,916
- Interest + MI left
- $479,745
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $43,106 | $43,106 | $328,106 |
| Second mortgage | — | $285,000 | — |
| First P&I | $668.09 | $668.09 | $2,222.70 |
| Second P&I | — | $2,041.77 | — |
| Mortgage insurance | $63.89 | $63.89 | $65.62 |
| Taxes, insurance & HOA | $395.00 | $395.00 | $395.00 |
| Total housing payment | $1,126.98 | $3,168.75 | $2,683.33 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,894
Closing costs & prepaids$12,491
Usable credit−$0
Total buyer cash needed$49,385
Earnest money paid−$0
Remaining funds due$49,385
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,650.00
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)$438.00
Initial HOA (3 months)$297.00
Prepaid interest, first (9 days)$86.08
Prepaid interest, second (9 days)$544.62
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 closing7 yr 1 moOf the original 30-year loan at 8.099%
Interest already paid$136,630Through Dec 2026
Assumption only · ends Jan 2034$17,027
Assumption + second · ends Jan 2034, second Jan 2057$467,066
New conventional · ends Jan 2057$479,745