Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,323/mo
Lowest payment- Down payment
- $300,679
- Funds due
- $310,761
- Interest + MI left
- $5,885
- First ends
- Dec 2029
Assumption
Assumption + second
$3,236/mo
+$1,913/mo- Down payment
- $33,679
- Funds due
- $45,522
- Interest + MI left
- $427,500
- First ends
- Dec 2029
New loan
New conventional
$2,384/mo
+$1,060/mo- Down payment
- $33,679
- Funds due
- $42,093
- Interest + MI left
- $433,211
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $29,321 | $29,321 | $296,321 |
| Second mortgage | — | $267,000 | — |
| First P&I | $916.38 | $916.38 | $2,007.38 |
| Second P&I | — | $1,912.82 | — |
| Mortgage insurance | $90.00 | $90.00 | $59.26 |
| Taxes, insurance & HOA | $317.00 | $317.00 | $317.00 |
| Total housing payment | $1,323.38 | $3,236.20 | $2,383.65 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,679
Closing costs & prepaids$11,843
Usable credit−$0
Total buyer cash needed$45,522
Earnest money paid−$0
Remaining funds due$45,522
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,300.00
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)$396.00
Initial HOA (3 months)$105.00
Prepaid interest, first (9 days)$56.54
Prepaid interest, second (9 days)$510.23
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 yrOf the original 30-year loan at 7.82%
Interest already paid$199,176Through Dec 2026
Assumption only · ends Dec 2029$5,885
Assumption + second · ends Dec 2029, second Jan 2057$427,500
New conventional · ends Jan 2057$433,211