Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,240/mo
Lowest payment- Down payment
- $356,999
- Funds due
- $367,753
- Interest + MI left
- $4,213
- First ends
- Aug 2029
Assumption
Assumption + second
$3,518/mo
+$2,278/mo- Down payment
- $38,999
- Funds due
- $51,138
- Interest + MI left
- $506,362
- First ends
- Aug 2029
New loan
New conventional
$2,819/mo
+$1,579/mo- Down payment
- $38,999
- Funds due
- $47,692
- Interest + MI left
- $517,013
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $23,000 | $23,000 | $341,000 |
| Second mortgage | — | $318,000 | — |
| First P&I | $769.26 | $769.26 | $2,361.02 |
| Second P&I | — | $2,278.19 | — |
| Mortgage insurance | $81.08 | $81.08 | $68.20 |
| Taxes, insurance & HOA | $389.83 | $389.83 | $389.83 |
| Total housing payment | $1,240.18 | $3,518.37 | $2,819.05 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,999
Closing costs & prepaids$12,138
Usable credit−$0
Total buyer cash needed$51,138
Earnest money paid−$0
Remaining funds due$51,138
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,799.99
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)$551.50
Initial HOA (3 months)$168.00
Prepaid interest, first (2 days)$8.95
Prepaid interest, second (2 days)$135.04
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 closing2 yr 9 moOf the original 30-year loan at 7.100%
Interest already paid$160,080Through Nov 2026
Assumption only · ends Aug 2029$4,213
Assumption + second · ends Aug 2029, second Dec 2056$506,362
New conventional · ends Dec 2056$517,013