Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,072/mo
Lowest payment- Down payment
- $281,693
- Funds due
- $291,793
- Interest + MI left
- $14,895
- First ends
- Apr 2034
Assumption
Assumption + second
$2,848/mo
+$1,777/mo- Down payment
- $33,693
- Funds due
- $45,517
- Interest + MI left
- $406,508
- First ends
- Apr 2034
New loan
New conventional
$2,387/mo
+$1,315/mo- Down payment
- $33,693
- Funds due
- $42,116
- Interest + MI left
- $433,189
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $48,306 | $48,306 | $296,306 |
| Second mortgage | — | $248,000 | — |
| First P&I | $668.30 | $668.30 | $2,007.28 |
| Second P&I | — | $1,776.70 | — |
| Mortgage insurance | $83.37 | $83.37 | $59.26 |
| Taxes, insurance & HOA | $320.00 | $320.00 | $320.00 |
| Total housing payment | $1,071.67 | $2,848.37 | $2,386.54 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,693
Closing costs & prepaids$11,824
Usable credit−$0
Total buyer cash needed$45,517
Earnest money paid−$0
Remaining funds due$45,517
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,299.99
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)$114.00
Prepaid interest, first (9 days)$65.51
Prepaid interest, second (9 days)$473.92
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 4 moOf the original 30-year loan at 5.5%
Interest already paid$112,382Through Dec 2026
Assumption only · ends Apr 2034$14,895
Assumption + second · ends Apr 2034, second Jan 2057$406,508
New conventional · ends Jan 2057$433,189