Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,383/mo
Lowest payment- Down payment
- $306,704
- Funds due
- $317,894
- Interest + MI left
- $41,016
- First ends
- Jan 2039
Assumption
Assumption + second
$3,296/mo
+$1,913/mo- Down payment
- $39,704
- Funds due
- $52,654
- Interest + MI left
- $462,631
- First ends
- Jan 2039
New loan
New conventional
$2,927/mo
+$1,544/mo- Down payment
- $39,704
- Funds due
- $49,208
- Interest + MI left
- $519,502
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $88,296 | $88,296 | $355,296 |
| Second mortgage | — | $267,000 | — |
| First P&I | $829.48 | $829.48 | $2,406.90 |
| Second P&I | — | $1,912.82 | — |
| Mortgage insurance | $104.87 | $104.87 | $71.06 |
| Taxes, insurance & HOA | $449.00 | $449.00 | $449.00 |
| Total housing payment | $1,383.34 | $3,296.16 | $2,926.96 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,704
Closing costs & prepaids$12,949
Usable credit−$0
Total buyer cash needed$52,654
Earnest money paid−$0
Remaining funds due$52,654
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,950.00
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)$474.00
Initial HOA (3 months)$423.00
Prepaid interest, first (9 days)$117.13
Prepaid interest, second (9 days)$510.23
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 1 moOf the original 30-year loan at 5.38%
Interest already paid$118,587Through Dec 2026
Assumption only · ends Jan 2039$41,016
Assumption + second · ends Jan 2039, second Jan 2057$462,631
New conventional · ends Jan 2057$519,502