Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,562/mo
Lowest payment- Down payment
- $300,307
- Funds due
- $311,623
- Interest + MI left
- $51,477
- First ends
- Feb 2039
Assumption
Assumption + second
$3,425/mo
+$1,863/mo- Down payment
- $40,307
- Funds due
- $53,149
- Interest + MI left
- $462,039
- First ends
- Feb 2039
New loan
New conventional
$2,991/mo
+$1,429/mo- Down payment
- $40,307
- Funds due
- $49,689
- Interest + MI left
- $524,467
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $98,692 | $98,692 | $358,692 |
| Second mortgage | — | $260,000 | — |
| First P&I | $961.25 | $961.25 | $2,429.90 |
| Second P&I | — | $1,862.67 | — |
| Mortgage insurance | $111.88 | $111.88 | $71.74 |
| Taxes, insurance & HOA | $489.17 | $489.17 | $489.17 |
| Total housing payment | $1,562.30 | $3,424.97 | $2,990.81 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,307
Closing costs & prepaids$12,842
Usable credit−$0
Total buyer cash needed$53,149
Earnest money paid−$0
Remaining funds due$53,149
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,989.99
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)$1,017.50
Prepaid interest, first (5 days)$83.01
Prepaid interest, second (5 days)$276.03
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 2 moOf the original 30-year loan at 6.14%
Interest already paid$146,450Through Dec 2026
Assumption only · ends Feb 2039$51,477
Assumption + second · ends Feb 2039, second Jan 2057$462,039
New conventional · ends Jan 2057$524,467