Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$961/mo
Lowest payment- Down payment
- $338,423
- Funds due
- $348,817
- Interest + MI left
- $12,032
- First ends
- Aug 2033
Assumption
Assumption + second
$3,110/mo
+$2,149/mo- Down payment
- $38,423
- Funds due
- $50,195
- Interest + MI left
- $485,757
- First ends
- Aug 2033
New loan
New conventional
$2,702/mo
+$1,741/mo- Down payment
- $38,423
- Funds due
- $46,759
- Interest + MI left
- $517,956
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $41,577 | $41,577 | $341,577 |
| Second mortgage | — | $300,000 | — |
| First P&I | $615.62 | $615.62 | $2,365.01 |
| Second P&I | — | $2,149.24 | — |
| Mortgage insurance | $76.80 | $76.80 | $68.32 |
| Taxes, insurance & HOA | $268.83 | $268.83 | $268.83 |
| Total housing payment | $961.25 | $3,110.49 | $2,702.16 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,423
Closing costs & prepaids$11,771
Usable credit−$0
Total buyer cash needed$50,195
Earnest money paid−$0
Remaining funds due$50,195
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,800.00
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 (2 days)$12.53
Prepaid interest, second (2 days)$127.40
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 5.500%
Interest already paid$104,911Through Nov 2026
Assumption only · ends Aug 2033$12,032
Assumption + second · ends Aug 2033, second Dec 2056$485,757
New conventional · ends Dec 2056$517,956