Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,679/mo
Lowest payment- Down payment
- $255,122
- Funds due
- $266,124
- Interest + MI left
- $59,235
- First ends
- Nov 2039
Assumption
Assumption + second
$3,234/mo
+$1,555/mo- Down payment
- $38,122
- Funds due
- $50,558
- Interest + MI left
- $401,896
- First ends
- Nov 2039
New loan
New conventional
$2,802/mo
+$1,123/mo- Down payment
- $38,122
- Funds due
- $47,135
- Interest + MI left
- $486,770
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $119,878 | $119,878 | $336,878 |
| Second mortgage | — | $217,000 | — |
| First P&I | $1,074.67 | $1,074.67 | $2,266.20 |
| Second P&I | — | $1,554.61 | — |
| Mortgage insurance | $135.86 | $135.86 | $67.38 |
| Taxes, insurance & HOA | $468.75 | $468.75 | $468.75 |
| Total housing payment | $1,679.29 | $3,233.90 | $2,802.33 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,122
Closing costs & prepaids$12,436
Usable credit−$0
Total buyer cash needed$50,558
Earnest money paid−$0
Remaining funds due$50,558
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,750.00
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)$956.25
Prepaid interest, first (4 days)$70.68
Prepaid interest, second (4 days)$184.30
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 11 moOf the original 30-year loan at 5.38%
Interest already paid$148,377Through Dec 2026
Assumption only · ends Nov 2039$59,235
Assumption + second · ends Nov 2039, second Jan 2057$401,896
New conventional · ends Jan 2057$486,770