Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,351/mo
Lowest payment- Down payment
- $137,156
- Funds due
- $146,397
- Interest + MI left
- $44,377
- First ends
- May 2039
Assumption
Assumption + second
$2,180/mo
+$829/mo- Down payment
- $24,156
- Funds due
- $34,770
- Interest + MI left
- $229,872
- First ends
- May 2039
New loan
New conventional
$1,819/mo
+$469/mo- Down payment
- $24,156
- Funds due
- $31,495
- Interest + MI left
- $308,100
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $97,744 | $97,744 | $210,744 |
| Second mortgage | — | $113,000 | — |
| First P&I | $885.35 | $885.35 | $1,427.65 |
| Second P&I | — | $829.15 | — |
| Mortgage insurance | $115.90 | $115.90 | $42.15 |
| Taxes, insurance & HOA | $349.67 | $349.67 | $349.67 |
| Total housing payment | $1,350.91 | $2,180.07 | $1,819.47 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$24,156
Closing costs & prepaids$10,615
Usable credit−$0
Total buyer cash needed$34,770
Earnest money paid−$0
Remaining funds due$34,770
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,349.00
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)$599.00
Prepaid interest, first (5 days)$67.89
Prepaid interest, second (5 days)$123.84
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 5 moOf the original 30-year loan at 5.07%
Interest already paid$120,935Through Dec 2026
Assumption only · ends May 2039$44,377
Assumption + second · ends May 2039, second Jan 2057$229,872
New conventional · ends Jan 2057$308,100