Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,119/mo
Lowest payment- Down payment
- $299,297
- Funds due
- $309,741
- Interest + MI left
- $8,416
- First ends
- Dec 2031
Assumption
Assumption + second
$3,025/mo
+$1,906/mo- Down payment
- $33,297
- Funds due
- $45,048
- Interest + MI left
- $428,452
- First ends
- Dec 2031
New loan
New conventional
$2,568/mo
+$1,449/mo- Down payment
- $33,297
- Funds due
- $41,662
- Interest + MI left
- $449,970
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $30,703 | $30,703 | $296,703 |
| Second mortgage | — | $266,000 | — |
| First P&I | $601.81 | $601.81 | $2,054.31 |
| Second P&I | — | $1,905.66 | — |
| Mortgage insurance | $63.11 | $63.11 | $59.34 |
| Taxes, insurance & HOA | $454.42 | $454.42 | $454.42 |
| Total housing payment | $1,119.34 | $3,025.00 | $2,568.07 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,297
Closing costs & prepaids$11,751
Usable credit−$0
Total buyer cash needed$45,048
Earnest money paid−$0
Remaining funds due$45,048
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)$172.25
Initial HOA (3 months)$741.00
Prepaid interest, first (1 days)$6.01
Prepaid interest, second (1 days)$56.48
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 closing5 yr 1 moOf the original 30-year loan at 7.150%
Interest already paid$121,540Through Nov 2026
Assumption only · ends Dec 2031$8,416
Assumption + second · ends Dec 2031, second Dec 2056$428,452
New conventional · ends Dec 2056$449,970