Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,026/mo
Lowest payment- Down payment
- $229,371
- Funds due
- $239,074
- Interest + MI left
- $34,998
- First ends
- Oct 2039
Assumption
Assumption + second
$2,479/mo
+$1,453/mo- Down payment
- $31,371
- Funds due
- $42,584
- Interest + MI left
- $360,025
- First ends
- Oct 2039
New loan
New conventional
$2,180/mo
+$1,154/mo- Down payment
- $31,371
- Funds due
- $39,221
- Interest + MI left
- $400,036
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $75,629 | $75,629 | $273,629 |
| Second mortgage | — | $198,000 | — |
| First P&I | $666.38 | $666.38 | $1,853.66 |
| Second P&I | — | $1,452.85 | — |
| Mortgage insurance | $87.93 | $87.93 | $54.73 |
| Taxes, insurance & HOA | $272.00 | $272.00 | $272.00 |
| Total housing payment | $1,026.31 | $2,479.17 | $2,180.38 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$31,371
Closing costs & prepaids$11,214
Usable credit−$0
Total buyer cash needed$42,584
Earnest money paid−$0
Remaining funds due$42,584
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,050.00
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)$366.00
Prepaid interest, first (6 days)$62.16
Prepaid interest, second (6 days)$260.38
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 10 moOf the original 30-year loan at 5%
Interest already paid$88,769Through Dec 2026
Assumption only · ends Oct 2039$34,998
Assumption + second · ends Oct 2039, second Jan 2057$360,025
New conventional · ends Jan 2057$400,036