Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,937/mo
Lowest payment- Down payment
- $300,524
- Funds due
- $311,953
- Interest + MI left
- $72,024
- First ends
- Mar 2039
Assumption
Assumption + second
$3,764/mo
+$1,827/mo- Down payment
- $45,524
- Funds due
- $58,311
- Interest + MI left
- $474,691
- First ends
- Mar 2039
New loan
New conventional
$3,251/mo
+$1,314/mo- Down payment
- $45,524
- Funds due
- $54,817
- Interest + MI left
- $613,334
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $149,476 | $149,476 | $404,476 |
| Second mortgage | — | $255,000 | — |
| First P&I | $1,393.18 | $1,393.18 | $2,800.51 |
| Second P&I | — | $1,826.85 | — |
| Mortgage insurance | $173.80 | $173.80 | $80.90 |
| Taxes, insurance & HOA | $369.67 | $369.67 | $369.67 |
| Total housing payment | $1,936.65 | $3,763.51 | $3,251.07 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,524
Closing costs & prepaids$12,787
Usable credit−$0
Total buyer cash needed$58,311
Earnest money paid−$0
Remaining funds due$58,311
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,500.00
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)$659.00
Prepaid interest, first (2 days)$45.05
Prepaid interest, second (2 days)$108.29
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 4 moOf the original 30-year loan at 5.500%
Interest already paid$199,461Through Nov 2026
Assumption only · ends Mar 2039$72,024
Assumption + second · ends Mar 2039, second Dec 2056$474,691
New conventional · ends Dec 2056$613,334