Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,102/mo
Lowest payment- Down payment
- $341,905
- Funds due
- $352,892
- Interest + MI left
- $6,561
- First ends
- Dec 2030
Assumption
Assumption + second
$4,244/mo
+$2,142/mo- Down payment
- $42,905
- Funds due
- $55,713
- Interest + MI left
- $478,707
- First ends
- Dec 2030
New loan
New conventional
$2,948/mo
+$846/mo- Down payment
- $42,905
- Funds due
- $52,273
- Interest + MI left
- $551,300
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $78,095 | $78,095 | $377,095 |
| Second mortgage | — | $299,000 | — |
| First P&I | $1,728.58 | $1,728.58 | $2,554.57 |
| Second P&I | — | $2,142.07 | — |
| Mortgage insurance | $55.32 | $55.32 | $75.42 |
| Taxes, insurance & HOA | $318.00 | $318.00 | $318.00 |
| Total housing payment | $2,101.89 | $4,243.97 | $2,947.99 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,905
Closing costs & prepaids$12,808
Usable credit−$0
Total buyer cash needed$55,713
Earnest money paid−$0
Remaining funds due$55,713
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,200.00
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)$504.00
Prepaid interest, first (9 days)$57.77
Prepaid interest, second (9 days)$571.38
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 closing4 yrOf the original 30-year loan at 3%
Interest already paid$207,411Through Dec 2026
Assumption only · ends Dec 2030$6,561
Assumption + second · ends Dec 2030, second Jan 2057$478,707
New conventional · ends Jan 2057$551,300