Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,102/mo
Lowest payment- Down payment
- $284,660
- Funds due
- $294,472
- Interest + MI left
- $7,262
- First ends
- Nov 2030
Assumption
Assumption + second
$2,914/mo
+$1,813/mo- Down payment
- $31,660
- Funds due
- $43,206
- Interest + MI left
- $406,770
- First ends
- Nov 2030
New loan
New conventional
$2,252/mo
+$1,150/mo- Down payment
- $31,660
- Funds due
- $39,798
- Interest + MI left
- $414,290
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $30,340 | $30,340 | $283,340 |
| Second mortgage | — | $253,000 | — |
| First P&I | $752.36 | $752.36 | $1,919.44 |
| Second P&I | — | $1,812.52 | — |
| Mortgage insurance | $73.46 | $73.46 | $56.67 |
| Taxes, insurance & HOA | $276.00 | $276.00 | $276.00 |
| Total housing payment | $1,101.82 | $2,914.35 | $2,252.11 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$31,660
Closing costs & prepaids$11,545
Usable credit−$0
Total buyer cash needed$43,206
Earnest money paid−$0
Remaining funds due$43,206
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,150.00
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)$378.00
Prepaid interest, first (9 days)$58.95
Prepaid interest, second (9 days)$483.47
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 closing3 yr 11 moOf the original 30-year loan at 7.88%
Interest already paid$162,114Through Dec 2026
Assumption only · ends Nov 2030$7,262
Assumption + second · ends Nov 2030, second Jan 2057$406,770
New conventional · ends Jan 2057$414,290