Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,249/mo
Lowest payment- Down payment
- $279,312
- Funds due
- $291,173
- Interest + MI left
- $76,658
- First ends
- May 2039
Assumption
Assumption + second
$3,925/mo
+$1,676/mo- Down payment
- $45,312
- Funds due
- $58,472
- Interest + MI left
- $446,164
- First ends
- May 2039
New loan
New conventional
$3,400/mo
+$1,151/mo- Down payment
- $45,312
- Funds due
- $54,978
- Interest + MI left
- $612,220
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $169,688 | $169,688 | $403,688 |
| Second mortgage | — | $234,000 | — |
| First P&I | $1,523.64 | $1,523.64 | $2,795.05 |
| Second P&I | — | $1,676.40 | — |
| Mortgage insurance | $201.04 | $201.04 | $80.74 |
| Taxes, insurance & HOA | $524.17 | $524.17 | $524.17 |
| Total housing payment | $2,248.85 | $3,925.25 | $3,399.96 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,312
Closing costs & prepaids$13,160
Usable credit−$0
Total buyer cash needed$58,472
Earnest money paid−$0
Remaining funds due$58,472
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,490.00
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)$1,122.50
Prepaid interest, first (1 days)$23.24
Prepaid interest, second (1 days)$49.68
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 6 moOf the original 30-year loan at 5.000%
Interest already paid$205,826Through Nov 2026
Assumption only · ends May 2039$76,658
Assumption + second · ends May 2039, second Dec 2056$446,164
New conventional · ends Dec 2056$612,220