Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,576/mo
Lowest payment- Down payment
- $276,709
- Funds due
- $287,707
- Interest + MI left
- $54,151
- First ends
- Feb 2039
Assumption
Assumption + second
$3,281/mo
+$1,705/mo- Down payment
- $38,709
- Funds due
- $51,058
- Interest + MI left
- $429,973
- First ends
- Feb 2039
New loan
New conventional
$2,890/mo
+$1,314/mo- Down payment
- $38,709
- Funds due
- $47,623
- Interest + MI left
- $516,006
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $102,291 | $102,291 | $340,291 |
| Second mortgage | — | $238,000 | — |
| First P&I | $994.96 | $994.96 | $2,356.11 |
| Second P&I | — | $1,705.06 | — |
| Mortgage insurance | $115.07 | $115.07 | $68.06 |
| Taxes, insurance & HOA | $466.17 | $466.17 | $466.17 |
| Total housing payment | $1,576.19 | $3,281.25 | $2,890.33 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,709
Closing costs & prepaids$12,349
Usable credit−$0
Total buyer cash needed$51,058
Earnest money paid−$0
Remaining funds due$51,058
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,790.00
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)$948.50
Prepaid interest, first (2 days)$34.75
Prepaid interest, second (2 days)$101.07
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 6.200%
Interest already paid$151,767Through Nov 2026
Assumption only · ends Feb 2039$54,151
Assumption + second · ends Feb 2039, second Dec 2056$429,973
New conventional · ends Dec 2056$516,006