Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,683/mo
Lowest payment- Down payment
- $389,210
- Funds due
- $401,731
- Interest + MI left
- $60,445
- First ends
- Nov 2039
Assumption
Assumption + second
$4,098/mo
+$2,414/mo- Down payment
- $52,210
- Funds due
- $66,481
- Interest + MI left
- $592,596
- First ends
- Nov 2039
New loan
New conventional
$3,651/mo
+$1,968/mo- Down payment
- $52,210
- Funds due
- $62,920
- Interest + MI left
- $676,676
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $125,790 | $125,790 | $462,790 |
| Second mortgage | — | $337,000 | — |
| First P&I | $1,116.07 | $1,116.07 | $3,135.10 |
| Second P&I | — | $2,414.31 | — |
| Mortgage insurance | $143.97 | $143.97 | $92.56 |
| Taxes, insurance & HOA | $423.34 | $423.34 | $423.34 |
| Total housing payment | $1,683.37 | $4,097.68 | $3,651.00 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$52,210
Closing costs & prepaids$14,271
Usable credit−$0
Total buyer cash needed$66,481
Earnest money paid−$0
Remaining funds due$66,481
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,150.00
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)$618.00
Initial HOA (3 months)$152.01
Prepaid interest, first (7 days)$125.45
Prepaid interest, second (7 days)$500.88
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 11 moOf the original 30-year loan at 5.2%
Interest already paid$151,334Through Dec 2026
Assumption only · ends Nov 2039$60,445
Assumption + second · ends Nov 2039, second Jan 2057$592,596
New conventional · ends Jan 2057$676,676