Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$629/mo
Lowest payment- Down payment
- $299,500
- Funds due
- $308,911
- Interest + MI left
- $0
- First ends
- Nov 2024
Assumption
Assumption + second
$2,556/mo
+$1,927/mo- Down payment
- $30,500
- Funds due
- $41,218
- Interest + MI left
- $424,774
- First ends
- Nov 2024
New loan
New conventional
$2,130/mo
+$1,501/mo- Down payment
- $30,500
- Funds due
- $37,860
- Interest + MI left
- $407,903
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $0 | $0 | $269,000 |
| Second mortgage | — | $269,000 | — |
| First P&I | $380.48 | $380.48 | $1,862.50 |
| Second P&I | — | $1,927.15 | — |
| Mortgage insurance | $35.02 | $35.02 | $53.80 |
| Taxes, insurance & HOA | $213.58 | $213.58 | $213.58 |
| Total housing payment | $629.08 | $2,556.23 | $2,129.88 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,500
Closing costs & prepaids$10,718
Usable credit−$0
Total buyer cash needed$41,218
Earnest money paid−$0
Remaining funds due$41,218
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,995.00
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)$190.75
Prepaid interest, first (1 days)$0.00
Prepaid interest, second (1 days)$57.12
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 closing0 moOf the original 30-year loan at 8.510%
Interest already paid$87,535Through Nov 2024
Assumption only · ends Nov 2024$0
Assumption + second · ends Nov 2024, second Dec 2056$424,774
New conventional · ends Dec 2056$407,903