Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$935/mo
Lowest payment- Down payment
- $325,981
- Funds due
- $336,615
- Interest + MI left
- $29,903
- First ends
- Nov 2039
Assumption
Assumption + second
$2,991/mo
+$2,056/mo- Down payment
- $38,981
- Funds due
- $51,231
- Interest + MI left
- $483,101
- First ends
- Nov 2039
New loan
New conventional
$2,747/mo
+$1,812/mo- Down payment
- $38,981
- Funds due
- $47,786
- Interest + MI left
- $511,786
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $63,019 | $63,019 | $350,019 |
| Second mortgage | — | $287,000 | — |
| First P&I | $556.56 | $556.56 | $2,371.15 |
| Second P&I | — | $2,056.10 | — |
| Mortgage insurance | $72.45 | $72.45 | $70.00 |
| Taxes, insurance & HOA | $305.58 | $305.58 | $305.58 |
| Total housing payment | $934.59 | $2,990.70 | $2,746.74 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,981
Closing costs & prepaids$12,250
Usable credit−$0
Total buyer cash needed$51,231
Earnest money paid−$0
Remaining funds due$51,231
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
Prepaid interest, first (6 days)$53.04
Prepaid interest, second (6 days)$365.63
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 11 moOf the original 30-year loan at 5.12%
Interest already paid$74,839Through Dec 2026
Assumption only · ends Nov 2039$29,903
Assumption + second · ends Nov 2039, second Jan 2057$483,101
New conventional · ends Jan 2057$511,786