Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,146/mo
Lowest payment- Down payment
- $173,795
- Funds due
- $183,578
- Interest + MI left
- $28,995
- First ends
- Nov 2039
Assumption
Assumption + second
$2,247/mo
+$1,101/mo- Down payment
- $23,795
- Funds due
- $35,025
- Interest + MI left
- $275,228
- First ends
- Nov 2039
New loan
New conventional
$2,008/mo
+$862/mo- Down payment
- $23,795
- Funds due
- $31,738
- Interest + MI left
- $308,670
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $61,105 | $61,105 | $211,105 |
| Second mortgage | — | $150,000 | — |
| First P&I | $539.66 | $539.66 | $1,430.10 |
| Second P&I | — | $1,100.65 | — |
| Mortgage insurance | $70.25 | $70.25 | $42.22 |
| Taxes, insurance & HOA | $536.00 | $536.00 | $536.00 |
| Total housing payment | $1,145.91 | $2,246.55 | $2,008.32 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$23,795
Closing costs & prepaids$11,231
Usable credit−$0
Total buyer cash needed$35,025
Earnest money paid−$0
Remaining funds due$35,025
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,349.00
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)$282.00
Initial HOA (3 months)$876.00
Prepaid interest, first (6 days)$51.43
Prepaid interest, second (6 days)$197.26
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 11 moOf the original 30-year loan at 5.12%
Interest already paid$72,566Through Dec 2026
Assumption only · ends Nov 2039$28,995
Assumption + second · ends Nov 2039, second Jan 2057$275,228
New conventional · ends Jan 2057$308,670