Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,108/mo
Lowest payment- Down payment
- $191,470
- Funds due
- $201,256
- Interest + MI left
- $27,822
- First ends
- Jul 2039
Assumption
Assumption + second
$2,326/mo
+$1,218/mo- Down payment
- $25,470
- Funds due
- $36,579
- Interest + MI left
- $300,320
- First ends
- Jul 2039
New loan
New conventional
$2,111/mo
+$1,003/mo- Down payment
- $25,470
- Funds due
- $33,277
- Interest + MI left
- $345,823
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $62,030 | $62,030 | $228,030 |
| Second mortgage | — | $166,000 | — |
| First P&I | $547.93 | $547.93 | $1,578.83 |
| Second P&I | — | $1,218.05 | — |
| Mortgage insurance | $73.30 | $73.30 | $45.61 |
| Taxes, insurance & HOA | $486.50 | $486.50 | $486.50 |
| Total housing payment | $1,107.73 | $2,325.78 | $2,110.94 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,470
Closing costs & prepaids$11,109
Usable credit−$0
Total buyer cash needed$36,579
Earnest money paid−$0
Remaining funds due$36,579
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,535.00
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)$181.50
Initial HOA (3 months)$828.00
Prepaid interest, first (2 days)$16.59
Prepaid interest, second (2 days)$72.77
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 4.880%
Interest already paid$72,521Through Nov 2026
Assumption only · ends Jul 2039$27,822
Assumption + second · ends Jul 2039, second Dec 2056$300,320
New conventional · ends Dec 2056$345,823