Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,634/mo
Lowest payment- Down payment
- $236,506
- Funds due
- $247,270
- Interest + MI left
- $56,227
- First ends
- Nov 2039
Assumption
Assumption + second
$3,074/mo
+$1,440/mo- Down payment
- $35,506
- Funds due
- $47,733
- Interest + MI left
- $373,623
- First ends
- Nov 2039
New loan
New conventional
$2,680/mo
+$1,046/mo- Down payment
- $35,506
- Funds due
- $44,345
- Interest + MI left
- $467,153
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $118,494 | $118,494 | $319,494 |
| Second mortgage | — | $201,000 | — |
| First P&I | $1,046.50 | $1,046.50 | $2,164.36 |
| Second P&I | — | $1,439.99 | — |
| Mortgage insurance | $136.22 | $136.22 | $63.90 |
| Taxes, insurance & HOA | $451.75 | $451.75 | $451.75 |
| Total housing payment | $1,634.46 | $3,074.45 | $2,680.01 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,506
Closing costs & prepaids$12,227
Usable credit−$0
Total buyer cash needed$47,733
Earnest money paid−$0
Remaining funds due$47,733
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,550.00
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)$905.25
Prepaid interest, first (5 days)$83.11
Prepaid interest, second (5 days)$213.39
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 11 moOf the original 30-year loan at 5.12%
Interest already paid$140,718Through Dec 2026
Assumption only · ends Nov 2039$56,227
Assumption + second · ends Nov 2039, second Jan 2057$373,623
New conventional · ends Jan 2057$467,153