Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,208/mo
Lowest payment- Down payment
- $310,739
- Funds due
- $321,327
- Interest + MI left
- $28,875
- First ends
- May 2036
Assumption
Assumption + second
$3,157/mo
+$1,949/mo- Down payment
- $38,739
- Funds due
- $51,096
- Interest + MI left
- $458,386
- First ends
- May 2036
New loan
New conventional
$2,682/mo
+$1,474/mo- Down payment
- $38,739
- Funds due
- $47,637
- Interest + MI left
- $498,912
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $69,261 | $69,261 | $341,261 |
| Second mortgage | — | $272,000 | — |
| First P&I | $812.44 | $812.44 | $2,311.82 |
| Second P&I | — | $1,948.64 | — |
| Mortgage insurance | $93.46 | $93.46 | $68.25 |
| Taxes, insurance & HOA | $302.00 | $302.00 | $302.00 |
| Total housing payment | $1,207.90 | $3,156.54 | $2,682.07 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,739
Closing costs & prepaids$12,358
Usable credit−$0
Total buyer cash needed$51,096
Earnest money paid−$0
Remaining funds due$51,096
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,800.00
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)$456.00
Prepaid interest, first (9 days)$106.74
Prepaid interest, second (9 days)$519.78
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 closing9 yr 5 moOf the original 30-year loan at 6.25%
Interest already paid$137,984Through Dec 2026
Assumption only · ends May 2036$28,875
Assumption + second · ends May 2036, second Jan 2057$458,386
New conventional · ends Jan 2057$498,912