Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,100/mo
Lowest payment- Down payment
- $301,156
- Funds due
- $311,398
- Interest + MI left
- $13,446
- First ends
- Jul 2033
Assumption
Assumption + second
$3,006/mo
+$1,906/mo- Down payment
- $35,156
- Funds due
- $47,157
- Interest + MI left
- $433,482
- First ends
- Jul 2033
New loan
New conventional
$2,487/mo
+$1,387/mo- Down payment
- $35,156
- Funds due
- $43,734
- Interest + MI left
- $456,699
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $46,344 | $46,344 | $312,344 |
| Second mortgage | — | $266,000 | — |
| First P&I | $704.94 | $704.94 | $2,115.93 |
| Second P&I | — | $1,905.66 | — |
| Mortgage insurance | $86.03 | $86.03 | $62.47 |
| Taxes, insurance & HOA | $309.00 | $309.00 | $309.00 |
| Total housing payment | $1,099.98 | $3,005.63 | $2,487.40 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,156
Closing costs & prepaids$12,000
Usable credit−$0
Total buyer cash needed$47,157
Earnest money paid−$0
Remaining funds due$47,157
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,475.00
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)$417.00
Initial HOA (3 months)$60.00
Prepaid interest, first (9 days)$65.14
Prepaid interest, second (9 days)$508.32
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 7 moOf the original 30-year loan at 5.7%
Interest already paid$122,975Through Dec 2026
Assumption only · ends Jul 2033$13,446
Assumption + second · ends Jul 2033, second Jan 2057$433,482
New conventional · ends Jan 2057$456,699