Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,370/mo
Lowest payment- Down payment
- $232,397
- Funds due
- $243,130
- Interest + MI left
- $34,361
- First ends
- Jul 2039
Assumption
Assumption + second
$2,810/mo
+$1,440/mo- Down payment
- $31,397
- Funds due
- $43,636
- Interest + MI left
- $351,756
- First ends
- Jul 2039
New loan
New conventional
$2,534/mo
+$1,164/mo- Down payment
- $31,397
- Funds due
- $40,280
- Interest + MI left
- $404,384
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $75,603 | $75,603 | $276,603 |
| Second mortgage | — | $201,000 | — |
| First P&I | $675.61 | $675.61 | $1,873.81 |
| Second P&I | — | $1,439.99 | — |
| Mortgage insurance | $89.15 | $89.15 | $55.32 |
| Taxes, insurance & HOA | $605.17 | $605.17 | $605.17 |
| Total housing payment | $1,369.92 | $2,809.91 | $2,534.29 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$31,397
Closing costs & prepaids$12,239
Usable credit−$0
Total buyer cash needed$43,636
Earnest money paid−$0
Remaining funds due$43,636
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,080.00
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)$369.50
Initial HOA (3 months)$996.00
Prepaid interest, first (6 days)$62.14
Prepaid interest, second (6 days)$256.07
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 7 moOf the original 30-year loan at 5%
Interest already paid$90,952Through Dec 2026
Assumption only · ends Jul 2039$34,361
Assumption + second · ends Jul 2039, second Jan 2057$351,756
New conventional · ends Jan 2057$404,384