Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$975/mo
Lowest payment- Down payment
- $332,770
- Funds due
- $343,115
- Interest + MI left
- $12,493
- First ends
- Aug 2033
Assumption
Assumption + second
$3,088/mo
+$2,113/mo- Down payment
- $37,770
- Funds due
- $49,490
- Interest + MI left
- $478,323
- First ends
- Aug 2033
New loan
New conventional
$2,671/mo
+$1,696/mo- Down payment
- $37,770
- Funds due
- $46,061
- Interest + MI left
- $511,432
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $42,230 | $42,230 | $337,230 |
| Second mortgage | — | $295,000 | — |
| First P&I | $629.29 | $629.29 | $2,334.91 |
| Second P&I | — | $2,113.42 | — |
| Mortgage insurance | $76.80 | $76.80 | $67.45 |
| Taxes, insurance & HOA | $268.83 | $268.83 | $268.83 |
| Total housing payment | $974.93 | $3,088.34 | $2,671.19 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,770
Closing costs & prepaids$11,720
Usable credit−$0
Total buyer cash needed$49,490
Earnest money paid−$0
Remaining funds due$49,490
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)$356.50
Prepaid interest, first (2 days)$13.19
Prepaid interest, second (2 days)$125.27
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 5.700%
Interest already paid$109,379Through Nov 2026
Assumption only · ends Aug 2033$12,493
Assumption + second · ends Aug 2033, second Dec 2056$478,323
New conventional · ends Dec 2056$511,432