Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$975/mo
Lowest payment- Down payment
- $312,770
- Funds due
- $322,908
- Interest + MI left
- $12,493
- First ends
- Aug 2033
Assumption
Assumption + second
$2,959/mo
+$1,984/mo- Down payment
- $35,770
- Funds due
- $47,217
- Interest + MI left
- $449,899
- First ends
- Aug 2033
New loan
New conventional
$2,543/mo
+$1,568/mo- Down payment
- $35,770
- Funds due
- $43,809
- Interest + MI left
- $484,134
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $42,230 | $42,230 | $319,230 |
| Second mortgage | — | $277,000 | — |
| First P&I | $629.29 | $629.29 | $2,210.28 |
| Second P&I | — | $1,984.46 | — |
| Mortgage insurance | $76.80 | $76.80 | $63.85 |
| Taxes, insurance & HOA | $268.83 | $268.83 | $268.83 |
| Total housing payment | $974.93 | $2,959.39 | $2,542.96 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,770
Closing costs & prepaids$11,447
Usable credit−$0
Total buyer cash needed$47,217
Earnest money paid−$0
Remaining funds due$47,217
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,550.00
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)$356.50
Prepaid interest, first (1 days)$6.59
Prepaid interest, second (1 days)$58.82
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 closing6 yr 9 moOf the original 30-year loan at 5.700%
Interest already paid$109,379Through Nov 2026
Assumption only · ends Aug 2033$12,493
Assumption + second · ends Aug 2033, second Dec 2056$449,899
New conventional · ends Dec 2056$484,134