Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$964/mo
Lowest payment- Down payment
- $353,150
- Funds due
- $364,648
- Interest + MI left
- $11,919
- First ends
- Dec 2036
Assumption
Assumption + second
$3,221/mo
+$2,257/mo- Down payment
- $38,150
- Funds due
- $51,499
- Interest + MI left
- $509,331
- First ends
- Dec 2036
New loan
New conventional
$3,011/mo
+$2,047/mo- Down payment
- $38,150
- Funds due
- $48,030
- Interest + MI left
- $499,841
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $26,850 | $26,850 | $341,850 |
| Second mortgage | — | $315,000 | — |
| First P&I | $302.29 | $302.29 | $2,315.81 |
| Second P&I | — | $2,256.70 | — |
| Mortgage insurance | $34.56 | $34.56 | $68.37 |
| Taxes, insurance & HOA | $627.00 | $627.00 | $627.00 |
| Total housing payment | $963.85 | $3,220.55 | $3,011.18 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,150
Closing costs & prepaids$13,350
Usable credit−$0
Total buyer cash needed$51,499
Earnest money paid−$0
Remaining funds due$51,499
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
Initial HOA (3 months)$975.00
Prepaid interest, first (9 days)$41.78
Prepaid interest, second (9 days)$601.95
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 closing10 yrOf the original 30-year loan at 6.31%
Interest already paid$50,614Through Dec 2026
Assumption only · ends Dec 2036$11,919
Assumption + second · ends Dec 2036, second Jan 2057$509,331
New conventional · ends Jan 2057$499,841