Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,540/mo
Lowest payment- Down payment
- $310,087
- Funds due
- $322,333
- Interest + MI left
- $28,477
- First ends
- Jul 2039
Assumption
Assumption + second
$3,489/mo
+$1,949/mo- Down payment
- $38,087
- Funds due
- $51,930
- Interest + MI left
- $457,988
- First ends
- Jul 2039
New loan
New conventional
$3,240/mo
+$1,699/mo- Down payment
- $38,087
- Funds due
- $48,499
- Interest + MI left
- $492,555
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $64,913 | $64,913 | $336,913 |
| Second mortgage | — | $272,000 | — |
| First P&I | $572.88 | $572.88 | $2,282.37 |
| Second P&I | — | $1,948.64 | — |
| Mortgage insurance | $77.52 | $77.52 | $67.38 |
| Taxes, insurance & HOA | $890.00 | $890.00 | $890.00 |
| Total housing payment | $1,540.40 | $3,489.04 | $3,239.75 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,087
Closing costs & prepaids$13,843
Usable credit−$0
Total buyer cash needed$51,930
Earnest money paid−$0
Remaining funds due$51,930
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,750.00
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)$450.00
Initial HOA (3 months)$1,770.00
Prepaid interest, first (6 days)$51.01
Prepaid interest, second (6 days)$346.52
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 4.78%
Interest already paid$75,203Through Dec 2026
Assumption only · ends Jul 2039$28,477
Assumption + second · ends Jul 2039, second Jan 2057$457,988
New conventional · ends Jan 2057$492,555