Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,581/mo
Lowest payment- Down payment
- $291,731
- Funds due
- $303,308
- Interest + MI left
- $45,012
- First ends
- Oct 2039
Assumption
Assumption + second
$3,386/mo
+$1,805/mo- Down payment
- $39,731
- Funds due
- $52,879
- Interest + MI left
- $442,941
- First ends
- Oct 2039
New loan
New conventional
$3,047/mo
+$1,466/mo- Down payment
- $39,731
- Funds due
- $49,443
- Interest + MI left
- $510,619
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $97,269 | $97,269 | $349,269 |
| Second mortgage | — | $252,000 | — |
| First P&I | $857.06 | $857.06 | $2,366.07 |
| Second P&I | — | $1,805.36 | — |
| Mortgage insurance | $113.09 | $113.09 | $69.85 |
| Taxes, insurance & HOA | $610.58 | $610.58 | $610.58 |
| Total housing payment | $1,580.73 | $3,386.09 | $3,046.51 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,731
Closing costs & prepaids$13,148
Usable credit−$0
Total buyer cash needed$52,879
Earnest money paid−$0
Remaining funds due$52,879
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,890.00
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)$466.75
Initial HOA (3 months)$915.00
Prepaid interest, first (6 days)$79.95
Prepaid interest, second (6 days)$321.04
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$114,169Through Dec 2026
Assumption only · ends Oct 2039$45,012
Assumption + second · ends Oct 2039, second Jan 2057$442,941
New conventional · ends Jan 2057$510,619