Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$621/mo
Lowest payment- Down payment
- $137,432
- Funds due
- $145,813
- Interest + MI left
- $15,361
- First ends
- Oct 2039
Assumption
Assumption + second
$1,502/mo
+$881/mo- Down payment
- $17,432
- Funds due
- $27,195
- Interest + MI left
- $212,347
- First ends
- Oct 2039
New loan
New conventional
$1,359/mo
+$738/mo- Down payment
- $17,432
- Funds due
- $23,966
- Interest + MI left
- $223,049
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $32,568 | $32,568 | $152,568 |
| Second mortgage | — | $120,000 | — |
| First P&I | $288.95 | $288.95 | $1,033.55 |
| Second P&I | — | $880.52 | — |
| Mortgage insurance | $37.61 | $37.61 | $30.51 |
| Taxes, insurance & HOA | $294.50 | $294.50 | $294.50 |
| Total housing payment | $621.06 | $1,501.58 | $1,358.56 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$17,432
Closing costs & prepaids$9,763
Usable credit−$0
Total buyer cash needed$27,195
Earnest money paid−$0
Remaining funds due$27,195
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,700.00
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)$433.50
Prepaid interest, first (5 days)$22.84
Prepaid interest, second (5 days)$131.51
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 10 moOf the original 30-year loan at 5.12%
Interest already paid$38,993Through Dec 2026
Assumption only · ends Oct 2039$15,361
Assumption + second · ends Oct 2039, second Jan 2057$212,347
New conventional · ends Jan 2057$223,049