Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,149/mo
Lowest payment- Down payment
- $191,766
- Funds due
- $201,732
- Interest + MI left
- $27,525
- First ends
- Jul 2039
Assumption
Assumption + second
$2,367/mo
+$1,218/mo- Down payment
- $25,766
- Funds due
- $37,310
- Interest + MI left
- $300,022
- First ends
- Jul 2039
New loan
New conventional
$2,116/mo
+$967/mo- Down payment
- $25,766
- Funds due
- $34,004
- Interest + MI left
- $332,939
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $61,734 | $61,734 | $227,734 |
| Second mortgage | — | $166,000 | — |
| First P&I | $547.93 | $547.93 | $1,542.75 |
| Second P&I | — | $1,218.05 | — |
| Mortgage insurance | $73.30 | $73.30 | $45.55 |
| Taxes, insurance & HOA | $527.42 | $527.42 | $527.42 |
| Total housing payment | $1,148.65 | $2,366.70 | $2,115.71 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,766
Closing costs & prepaids$11,544
Usable credit−$0
Total buyer cash needed$37,310
Earnest money paid−$0
Remaining funds due$37,310
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,535.00
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)$304.25
Initial HOA (3 months)$828.00
Prepaid interest, first (9 days)$74.28
Prepaid interest, second (9 days)$327.45
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 closing12 yr 7 moOf the original 30-year loan at 4.88%
Interest already paid$72,773Through Dec 2026
Assumption only · ends Jul 2039$27,525
Assumption + second · ends Jul 2039, second Jan 2057$300,022
New conventional · ends Jan 2057$332,939