Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,276/mo
Lowest payment- Down payment
- $391,105
- Funds due
- $403,033
- Interest + MI left
- $41,501
- First ends
- May 2039
Assumption
Assumption + second
$3,734/mo
+$2,457/mo- Down payment
- $48,105
- Funds due
- $61,720
- Interest + MI left
- $583,126
- First ends
- May 2039
New loan
New conventional
$3,371/mo
+$2,095/mo- Down payment
- $48,105
- Funds due
- $58,185
- Interest + MI left
- $631,502
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $88,895 | $88,895 | $431,895 |
| Second mortgage | — | $343,000 | — |
| First P&I | $813.30 | $813.30 | $2,925.81 |
| Second P&I | — | $2,457.29 | — |
| Mortgage insurance | $104.33 | $104.33 | $86.38 |
| Taxes, insurance & HOA | $358.67 | $358.67 | $358.67 |
| Total housing payment | $1,276.29 | $3,733.59 | $3,370.85 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$48,105
Closing costs & prepaids$13,615
Usable credit−$0
Total buyer cash needed$61,720
Earnest money paid−$0
Remaining funds due$61,720
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,800.00
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)$576.00
Prepaid interest, first (6 days)$76.72
Prepaid interest, second (6 days)$436.97
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 5 moOf the original 30-year loan at 5.25%
Interest already paid$113,218Through Dec 2026
Assumption only · ends May 2039$41,501
Assumption + second · ends May 2039, second Jan 2057$583,126
New conventional · ends Jan 2057$631,502