Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,160/mo
Lowest payment- Down payment
- $301,032
- Funds due
- $311,741
- Interest + MI left
- $7,476
- First ends
- Dec 2031
Assumption
Assumption + second
$3,080/mo
+$1,920/mo- Down payment
- $33,032
- Funds due
- $45,503
- Interest + MI left
- $430,671
- First ends
- Dec 2031
New loan
New conventional
$2,600/mo
+$1,440/mo- Down payment
- $33,032
- Funds due
- $42,089
- Interest + MI left
- $434,216
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $28,968 | $28,968 | $296,968 |
| Second mortgage | — | $268,000 | — |
| First P&I | $567.89 | $567.89 | $2,011.76 |
| Second P&I | — | $1,919.98 | — |
| Mortgage insurance | $63.11 | $63.11 | $59.39 |
| Taxes, insurance & HOA | $529.00 | $529.00 | $529.00 |
| Total housing payment | $1,160.00 | $3,079.99 | $2,600.16 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,032
Closing costs & prepaids$12,471
Usable credit−$0
Total buyer cash needed$45,503
Earnest money paid−$0
Remaining funds due$45,503
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)$396.00
Initial HOA (3 months)$741.00
Prepaid interest, first (9 days)$47.00
Prepaid interest, second (9 days)$512.14
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 closing5 yrOf the original 30-year loan at 6.58%
Interest already paid$110,232Through Dec 2026
Assumption only · ends Dec 2031$7,476
Assumption + second · ends Dec 2031, second Jan 2057$430,671
New conventional · ends Jan 2057$434,216