Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,680/mo
Lowest payment- Down payment
- $164,669
- Funds due
- $175,204
- Interest + MI left
- $43,439
- First ends
- May 2039
Assumption
Assumption + second
$2,692/mo
+$1,013/mo- Down payment
- $26,669
- Funds due
- $38,575
- Interest + MI left
- $269,973
- First ends
- May 2039
New loan
New conventional
$2,319/mo
+$639/mo- Down payment
- $26,669
- Funds due
- $35,267
- Interest + MI left
- $336,959
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $95,231 | $95,231 | $233,231 |
| Second mortgage | — | $138,000 | — |
| First P&I | $864.03 | $864.03 | $1,568.96 |
| Second P&I | — | $1,012.60 | — |
| Mortgage insurance | $112.72 | $112.72 | $46.65 |
| Taxes, insurance & HOA | $702.92 | $702.92 | $702.92 |
| Total housing payment | $1,679.67 | $2,692.27 | $2,318.52 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$26,669
Closing costs & prepaids$11,907
Usable credit−$0
Total buyer cash needed$38,575
Earnest money paid−$0
Remaining funds due$38,575
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,599.00
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)$662.75
Initial HOA (3 months)$996.00
Prepaid interest, first (4 days)$53.23
Prepaid interest, second (4 days)$120.99
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 4 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 5.1%
Interest already paid$118,406Through Dec 2026
Assumption only · ends May 2039$43,439
Assumption + second · ends May 2039, second Jan 2057$269,973
New conventional · ends Jan 2057$336,959