Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,971/mo
Lowest payment- Down payment
- $167,476
- Funds due
- $177,820
- Interest + MI left
- $68,859
- First ends
- Jun 2039
Assumption
Assumption + second
$2,962/mo
+$991/mo- Down payment
- $32,476
- Funds due
- $44,218
- Interest + MI left
- $290,468
- First ends
- Jun 2039
New loan
New conventional
$2,427/mo
+$455/mo- Down payment
- $32,476
- Funds due
- $40,874
- Interest + MI left
- $420,204
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $152,424 | $152,424 | $287,424 |
| Second mortgage | — | $135,000 | — |
| First P&I | $1,368.63 | $1,368.63 | $1,947.11 |
| Second P&I | — | $990.58 | — |
| Mortgage insurance | $180.59 | $180.59 | $57.48 |
| Taxes, insurance & HOA | $421.92 | $421.92 | $421.92 |
| Total housing payment | $1,971.13 | $2,961.72 | $2,426.51 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,476
Closing costs & prepaids$11,742
Usable credit−$0
Total buyer cash needed$44,218
Earnest money paid−$0
Remaining funds due$44,218
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,199.00
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)$815.75
Prepaid interest, first (5 days)$104.40
Prepaid interest, second (5 days)$147.95
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 6 moOf the original 30-year loan at 5%
Interest already paid$184,886Through Dec 2026
Assumption only · ends Jun 2039$68,859
Assumption + second · ends Jun 2039, second Jan 2057$290,468
New conventional · ends Jan 2057$420,204