Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,584/mo
Lowest payment- Down payment
- $306,020
- Funds due
- $317,003
- Interest + MI left
- $20,545
- First ends
- Dec 2033
Assumption
Assumption + second
$3,504/mo
+$1,920/mo- Down payment
- $38,020
- Funds due
- $50,538
- Interest + MI left
- $443,740
- First ends
- Dec 2033
New loan
New conventional
$2,819/mo
+$1,235/mo- Down payment
- $38,020
- Funds due
- $47,102
- Interest + MI left
- $492,720
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $68,980 | $68,980 | $336,980 |
| Second mortgage | — | $268,000 | — |
| First P&I | $991.25 | $991.25 | $2,282.82 |
| Second P&I | — | $1,919.98 | — |
| Mortgage insurance | $123.66 | $123.66 | $67.40 |
| Taxes, insurance & HOA | $468.75 | $468.75 | $468.75 |
| Total housing payment | $1,583.66 | $3,503.64 | $2,818.97 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,020
Closing costs & prepaids$12,518
Usable credit−$0
Total buyer cash needed$50,538
Earnest money paid−$0
Remaining funds due$50,538
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,750.00
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)$956.25
Prepaid interest, first (5 days)$51.97
Prepaid interest, second (5 days)$284.52
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 5 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 yrOf the original 30-year loan at 5.5%
Interest already paid$167,984Through Dec 2026
Assumption only · ends Dec 2033$20,545
Assumption + second · ends Dec 2033, second Jan 2057$443,740
New conventional · ends Jan 2057$492,720