Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,048/mo
Lowest payment- Down payment
- $291,248
- Funds due
- $301,318
- Interest + MI left
- $15,165
- First ends
- Apr 2034
Assumption
Assumption + second
$2,889/mo
+$1,841/mo- Down payment
- $34,248
- Funds due
- $45,622
- Interest + MI left
- $420,989
- First ends
- Apr 2034
New loan
New conventional
$2,474/mo
+$1,426/mo- Down payment
- $34,248
- Funds due
- $42,230
- Interest + MI left
- $463,692
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $48,751 | $48,751 | $305,751 |
| Second mortgage | — | $257,000 | — |
| First P&I | $668.30 | $668.30 | $2,116.96 |
| Second P&I | — | $1,841.18 | — |
| Mortgage insurance | $83.37 | $83.37 | $61.15 |
| Taxes, insurance & HOA | $295.92 | $295.92 | $295.92 |
| Total housing payment | $1,047.59 | $2,888.77 | $2,474.03 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,248
Closing costs & prepaids$11,375
Usable credit−$0
Total buyer cash needed$45,622
Earnest money paid−$0
Remaining funds due$45,622
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,399.99
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)$323.75
Initial HOA (3 months)$114.00
Prepaid interest, first (1 days)$7.35
Prepaid interest, second (1 days)$54.57
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 closing7 yr 5 moOf the original 30-year loan at 5.500%
Interest already paid$112,158Through Nov 2026
Assumption only · ends Apr 2034$15,165
Assumption + second · ends Apr 2034, second Dec 2056$420,989
New conventional · ends Dec 2056$463,692