Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,211/mo
Lowest payment- Down payment
- $509,550
- Funds due
- $526,778
- Interest + MI left
- $102,038
- First ends
- Dec 2039
Assumption
Assumption + second
$6,341/mo
+$3,131/mo- Down payment
- $72,550
- Funds due
- $91,585
- Interest + MI left
- $792,098
- First ends
- Dec 2039
New loan
New conventional
$5,625/mo
+$2,414/mo- Down payment
- $72,550
- Funds due
- $87,843
- Interest + MI left
- $953,990
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $215,450 | $215,450 | $652,450 |
| Second mortgage | — | $437,000 | — |
| First P&I | $1,888.68 | $1,888.68 | $4,419.92 |
| Second P&I | — | $3,130.72 | — |
| Mortgage insurance | $247.24 | $247.24 | $130.49 |
| Taxes, insurance & HOA | $1,074.58 | $1,074.58 | $1,074.58 |
| Total housing payment | $3,210.50 | $6,341.22 | $5,625.00 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$72,550
Closing costs & prepaids$19,035
Usable credit−$0
Total buyer cash needed$91,585
Earnest money paid−$0
Remaining funds due$91,585
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$7,250.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$2,573.75
Prepaid interest, first (6 days)$179.56
Prepaid interest, second (6 days)$556.73
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 5.07%
Interest already paid$251,702Through Dec 2026
Assumption only · ends Dec 2039$102,038
Assumption + second · ends Dec 2039, second Jan 2057$792,098
New conventional · ends Jan 2057$953,990