Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,189/mo
Lowest payment- Down payment
- $237,837
- Funds due
- $248,487
- Interest + MI left
- $26,212
- First ends
- Jan 2039
Assumption
Assumption + second
$2,686/mo
+$1,497/mo- Down payment
- $28,837
- Funds due
- $41,003
- Interest + MI left
- $356,241
- First ends
- Jan 2039
New loan
New conventional
$2,448/mo
+$1,259/mo- Down payment
- $28,837
- Funds due
- $37,650
- Interest + MI left
- $376,015
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $48,163 | $48,163 | $257,163 |
| Second mortgage | — | $209,000 | — |
| First P&I | $480.35 | $480.35 | $1,742.11 |
| Second P&I | — | $1,497.30 | — |
| Mortgage insurance | $53.83 | $53.83 | $51.43 |
| Taxes, insurance & HOA | $654.42 | $654.42 | $654.42 |
| Total housing payment | $1,188.60 | $2,685.90 | $2,447.96 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,837
Closing costs & prepaids$12,166
Usable credit−$0
Total buyer cash needed$41,003
Earnest money paid−$0
Remaining funds due$41,003
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,860.00
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)$343.25
Initial HOA (3 months)$1,170.00
Prepaid interest, first (6 days)$51.46
Prepaid interest, second (6 days)$266.26
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 1 moOf the original 30-year loan at 6.5%
Interest already paid$75,441Through Dec 2026
Assumption only · ends Jan 2039$26,212
Assumption + second · ends Jan 2039, second Jan 2057$356,241
New conventional · ends Jan 2057$376,015