Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,034/mo
Lowest payment- Down payment
- $284,111
- Funds due
- $293,674
- Interest + MI left
- $7,514
- First ends
- Nov 2030
Assumption
Assumption + second
$2,840/mo
+$1,805/mo- Down payment
- $32,111
- Funds due
- $43,031
- Interest + MI left
- $405,443
- First ends
- Nov 2030
New loan
New conventional
$2,224/mo
+$1,189/mo- Down payment
- $32,111
- Funds due
- $39,655
- Interest + MI left
- $428,964
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $30,889 | $30,889 | $282,889 |
| Second mortgage | — | $252,000 | — |
| First P&I | $752.36 | $752.36 | $1,958.67 |
| Second P&I | — | $1,805.36 | — |
| Mortgage insurance | $73.46 | $73.46 | $56.58 |
| Taxes, insurance & HOA | $208.42 | $208.42 | $208.42 |
| Total housing payment | $1,034.24 | $2,839.60 | $2,223.66 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,111
Closing costs & prepaids$10,921
Usable credit−$0
Total buyer cash needed$43,031
Earnest money paid−$0
Remaining funds due$43,031
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,150.00
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)$175.25
Prepaid interest, first (2 days)$13.34
Prepaid interest, second (2 days)$107.01
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 closing4 yrOf the original 30-year loan at 7.880%
Interest already paid$161,911Through Nov 2026
Assumption only · ends Nov 2030$7,514
Assumption + second · ends Nov 2030, second Dec 2056$405,443
New conventional · ends Dec 2056$428,964