Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$475/mo
Lowest payment- Down payment
- $327,639
- Funds due
- $337,530
- Interest + MI left
- $2,335
- First ends
- May 2032
Assumption
Assumption + second
$2,574/mo
+$2,099/mo- Down payment
- $34,639
- Funds due
- $45,905
- Interest + MI left
- $465,006
- First ends
- May 2032
New loan
New conventional
$2,414/mo
+$1,938/mo- Down payment
- $34,639
- Funds due
- $42,506
- Interest + MI left
- $463,039
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $12,361 | $12,361 | $305,361 |
| Second mortgage | — | $293,000 | — |
| First P&I | $201.48 | $201.48 | $2,114.26 |
| Second P&I | — | $2,099.09 | — |
| Mortgage insurance | $35.42 | $35.42 | $61.07 |
| Taxes, insurance & HOA | $238.33 | $238.33 | $238.33 |
| Total housing payment | $475.23 | $2,574.32 | $2,413.66 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,639
Closing costs & prepaids$11,266
Usable credit−$0
Total buyer cash needed$45,905
Earnest money paid−$0
Remaining funds due$45,905
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,400.00
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)$265.00
Prepaid interest, first (2 days)$1.79
Prepaid interest, second (2 days)$124.42
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 closing5 yr 6 moOf the original 30-year loan at 2.650%
Interest already paid$21,597Through Nov 2026
Assumption only · ends May 2032$2,335
Assumption + second · ends May 2032, second Dec 2056$465,006
New conventional · ends Dec 2056$463,039