Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,088/mo
Lowest payment- Down payment
- $344,066
- Funds due
- $355,050
- Interest + MI left
- $36,127
- First ends
- Jul 2039
Assumption
Assumption + second
$3,252/mo
+$2,164/mo- Down payment
- $42,066
- Funds due
- $54,685
- Interest + MI left
- $513,010
- First ends
- Jul 2039
New loan
New conventional
$2,946/mo
+$1,858/mo- Down payment
- $42,066
- Funds due
- $51,208
- Interest + MI left
- $551,140
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $74,934 | $74,934 | $376,934 |
| Second mortgage | — | $302,000 | — |
| First P&I | $684.11 | $684.11 | $2,553.48 |
| Second P&I | — | $2,163.56 | — |
| Mortgage insurance | $86.49 | $86.49 | $75.39 |
| Taxes, insurance & HOA | $317.58 | $317.58 | $317.58 |
| Total housing payment | $1,088.18 | $3,251.74 | $2,946.45 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,066
Closing costs & prepaids$12,619
Usable credit−$0
Total buyer cash needed$54,685
Earnest money paid−$0
Remaining funds due$54,685
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,190.00
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)$502.75
Prepaid interest, first (6 days)$66.27
Prepaid interest, second (6 days)$384.74
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 5.38%
Interest already paid$95,812Through Dec 2026
Assumption only · ends Jul 2039$36,127
Assumption + second · ends Jul 2039, second Jan 2057$513,010
New conventional · ends Jan 2057$551,140