Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,525/mo
Lowest payment- Down payment
- $240,676
- Funds due
- $251,885
- Interest + MI left
- $36,224
- First ends
- Aug 2039
Assumption
Assumption + second
$3,015/mo
+$1,490/mo- Down payment
- $32,676
- Funds due
- $45,356
- Interest + MI left
- $364,673
- First ends
- Aug 2039
New loan
New conventional
$2,730/mo
+$1,206/mo- Down payment
- $32,676
- Funds due
- $41,986
- Interest + MI left
- $419,912
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $79,224 | $79,224 | $287,224 |
| Second mortgage | — | $208,000 | — |
| First P&I | $704.62 | $704.62 | $1,945.76 |
| Second P&I | — | $1,490.14 | — |
| Mortgage insurance | $92.97 | $92.97 | $57.44 |
| Taxes, insurance & HOA | $726.92 | $726.92 | $726.92 |
| Total housing payment | $1,524.51 | $3,014.64 | $2,730.12 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,676
Closing costs & prepaids$12,680
Usable credit−$0
Total buyer cash needed$45,356
Earnest money paid−$0
Remaining funds due$45,356
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
Initial HOA (3 months)$915.00
Prepaid interest, first (5 days)$54.26
Prepaid interest, second (5 days)$220.82
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 8 moOf the original 30-year loan at 5%
Interest already paid$94,527Through Dec 2026
Assumption only · ends Aug 2039$36,224
Assumption + second · ends Aug 2039, second Jan 2057$364,673
New conventional · ends Jan 2057$419,912