Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,275/mo
Lowest payment- Down payment
- $198,890
- Funds due
- $209,461
- Interest + MI left
- $25,815
- First ends
- Sep 2039
Assumption
Assumption + second
$2,545/mo
+$1,269/mo- Down payment
- $25,890
- Funds due
- $37,938
- Interest + MI left
- $309,804
- First ends
- Sep 2039
New loan
New conventional
$2,312/mo
+$1,037/mo- Down payment
- $25,890
- Funds due
- $34,619
- Interest + MI left
- $327,450
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $51,010 | $51,010 | $224,010 |
| Second mortgage | — | $173,000 | — |
| First P&I | $467.74 | $467.74 | $1,517.52 |
| Second P&I | — | $1,269.41 | — |
| Mortgage insurance | $57.59 | $57.59 | $44.80 |
| Taxes, insurance & HOA | $750.00 | $750.00 | $750.00 |
| Total housing payment | $1,275.33 | $2,544.74 | $2,312.32 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,890
Closing costs & prepaids$12,049
Usable credit−$0
Total buyer cash needed$37,938
Earnest money paid−$0
Remaining funds due$37,938
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,499.00
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)$300.00
Initial HOA (3 months)$1,500.00
Prepaid interest, first (6 days)$47.12
Prepaid interest, second (6 days)$227.51
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 9 moOf the original 30-year loan at 5.62%
Interest already paid$66,534Through Dec 2026
Assumption only · ends Sep 2039$25,815
Assumption + second · ends Sep 2039, second Jan 2057$309,804
New conventional · ends Jan 2057$327,450