Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,241/mo
Lowest payment- Down payment
- $421,512
- Funds due
- $435,038
- Interest + MI left
- $78,329
- First ends
- Jun 2039
Assumption
Assumption + second
$4,834/mo
+$2,593/mo- Down payment
- $59,512
- Funds due
- $74,827
- Interest + MI left
- $649,958
- First ends
- Jun 2039
New loan
New conventional
$4,213/mo
+$1,972/mo- Down payment
- $59,512
- Funds due
- $71,214
- Interest + MI left
- $782,826
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $173,388 | $173,388 | $535,388 |
| Second mortgage | — | $362,000 | — |
| First P&I | $1,556.86 | $1,556.86 | $3,626.90 |
| Second P&I | — | $2,593.41 | — |
| Mortgage insurance | $205.43 | $205.43 | $107.08 |
| Taxes, insurance & HOA | $478.67 | $478.67 | $478.67 |
| Total housing payment | $2,240.95 | $4,834.36 | $4,212.65 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$59,512
Closing costs & prepaids$15,314
Usable credit−$0
Total buyer cash needed$74,827
Earnest money paid−$0
Remaining funds due$74,827
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,949.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$714.00
Initial HOA (3 months)$222.00
Prepaid interest, first (7 days)$166.26
Prepaid interest, second (7 days)$538.04
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 7 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 6 moOf the original 30-year loan at 5%
Interest already paid$210,314Through Dec 2026
Assumption only · ends Jun 2039$78,329
Assumption + second · ends Jun 2039, second Jan 2057$649,958
New conventional · ends Jan 2057$782,826