Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,328/mo
Lowest payment- Down payment
- $383,165
- Funds due
- $395,093
- Interest + MI left
- $44,174
- First ends
- Jan 2039
Assumption
Assumption + second
$3,735/mo
+$2,407/mo- Down payment
- $47,165
- Funds due
- $60,771
- Interest + MI left
- $574,746
- First ends
- Jan 2039
New loan
New conventional
$3,334/mo
+$2,006/mo- Down payment
- $47,165
- Funds due
- $57,233
- Interest + MI left
- $616,793
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $85,835 | $85,835 | $421,835 |
| Second mortgage | — | $336,000 | — |
| First P&I | $837.68 | $837.68 | $2,857.66 |
| Second P&I | — | $2,407.15 | — |
| Mortgage insurance | $98.02 | $98.02 | $84.37 |
| Taxes, insurance & HOA | $392.25 | $392.25 | $392.25 |
| Total housing payment | $1,327.95 | $3,735.10 | $3,334.27 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$47,165
Closing costs & prepaids$13,606
Usable credit−$0
Total buyer cash needed$60,771
Earnest money paid−$0
Remaining funds due$60,771
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,690.00
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)$562.75
Initial HOA (3 months)$114.00
Prepaid interest, first (6 days)$85.93
Prepaid interest, second (6 days)$428.05
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 6.09%
Interest already paid$127,557Through Dec 2026
Assumption only · ends Jan 2039$44,174
Assumption + second · ends Jan 2039, second Jan 2057$574,746
New conventional · ends Jan 2057$616,793