Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,337/mo
Lowest payment- Down payment
- $244,250
- Funds due
- $254,483
- Interest + MI left
- $49,844
- First ends
- Dec 2039
Assumption
Assumption + second
$2,834/mo
+$1,497/mo- Down payment
- $35,250
- Funds due
- $46,999
- Interest + MI left
- $379,873
- First ends
- Dec 2039
New loan
New conventional
$2,485/mo
+$1,148/mo- Down payment
- $35,250
- Funds due
- $43,614
- Interest + MI left
- $460,217
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $105,750 | $105,750 | $314,750 |
| Second mortgage | — | $209,000 | — |
| First P&I | $925.41 | $925.41 | $2,132.23 |
| Second P&I | — | $1,497.30 | — |
| Mortgage insurance | $121.55 | $121.55 | $62.95 |
| Taxes, insurance & HOA | $290.00 | $290.00 | $290.00 |
| Total housing payment | $1,336.96 | $2,834.26 | $2,485.18 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,250
Closing costs & prepaids$11,749
Usable credit−$0
Total buyer cash needed$46,999
Earnest money paid−$0
Remaining funds due$46,999
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,500.00
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)$420.00
Prepaid interest, first (6 days)$87.61
Prepaid interest, second (6 days)$266.26
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 closing13 yrOf the original 30-year loan at 5.04%
Interest already paid$122,929Through Dec 2026
Assumption only · ends Dec 2039$49,844
Assumption + second · ends Dec 2039, second Jan 2057$379,873
New conventional · ends Jan 2057$460,217