Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,085/mo
Lowest payment- Down payment
- $300,625
- Funds due
- $311,068
- Interest + MI left
- $7,666
- First ends
- Dec 2031
Assumption
Assumption + second
$2,998/mo
+$1,913/mo- Down payment
- $33,625
- Funds due
- $45,375
- Interest + MI left
- $429,281
- First ends
- Dec 2031
New loan
New conventional
$2,566/mo
+$1,480/mo- Down payment
- $33,625
- Funds due
- $41,987
- Interest + MI left
- $449,413
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $29,375 | $29,375 | $296,375 |
| Second mortgage | — | $267,000 | — |
| First P&I | $567.89 | $567.89 | $2,052.04 |
| Second P&I | — | $1,912.82 | — |
| Mortgage insurance | $63.11 | $63.11 | $59.28 |
| Taxes, insurance & HOA | $454.42 | $454.42 | $454.42 |
| Total housing payment | $1,085.42 | $2,998.24 | $2,565.73 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,625
Closing costs & prepaids$11,750
Usable credit−$0
Total buyer cash needed$45,375
Earnest money paid−$0
Remaining funds due$45,375
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)$5.30
Prepaid interest, second (1 days)$56.69
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 6.580%
Interest already paid$110,071Through Nov 2026
Assumption only · ends Dec 2031$7,666
Assumption + second · ends Dec 2031, second Dec 2056$429,281
New conventional · ends Dec 2056$449,413