Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,673/mo
Lowest payment- Down payment
- $272,356
- Funds due
- $283,529
- Interest + MI left
- $51,306
- First ends
- Mar 2039
Assumption
Assumption + second
$3,342/mo
+$1,669/mo- Down payment
- $39,356
- Funds due
- $52,027
- Interest + MI left
- $419,233
- First ends
- Mar 2039
New loan
New conventional
$2,911/mo
+$1,239/mo- Down payment
- $39,356
- Funds due
- $48,600
- Interest + MI left
- $509,775
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $115,644 | $115,644 | $348,644 |
| Second mortgage | — | $233,000 | — |
| First P&I | $1,053.65 | $1,053.65 | $2,361.84 |
| Second P&I | — | $1,669.24 | — |
| Mortgage insurance | $139.03 | $139.03 | $69.73 |
| Taxes, insurance & HOA | $479.83 | $479.83 | $479.83 |
| Total housing payment | $1,672.51 | $3,341.75 | $2,911.40 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,356
Closing costs & prepaids$12,671
Usable credit−$0
Total buyer cash needed$52,027
Earnest money paid−$0
Remaining funds due$52,027
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,880.00
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)$989.50
Prepaid interest, first (5 days)$79.21
Prepaid interest, second (5 days)$247.36
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 5 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 3 moOf the original 30-year loan at 5%
Interest already paid$143,796Through Dec 2026
Assumption only · ends Mar 2039$51,306
Assumption + second · ends Mar 2039, second Jan 2057$419,233
New conventional · ends Jan 2057$509,775