Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$689/mo
Lowest payment- Down payment
- $146,720
- Funds due
- $155,428
- Interest + MI left
- $15,128
- First ends
- Aug 2039
Assumption
Assumption + second
$1,636/mo
+$947/mo- Down payment
- $17,720
- Funds due
- $27,706
- Interest + MI left
- $226,889
- First ends
- Aug 2039
New loan
New conventional
$1,513/mo
+$824/mo- Down payment
- $17,720
- Funds due
- $24,478
- Interest + MI left
- $238,494
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $28,280 | $28,280 | $157,280 |
| Second mortgage | — | $129,000 | — |
| First P&I | $264.91 | $264.91 | $1,088.97 |
| Second P&I | — | $946.56 | — |
| Mortgage insurance | $31.30 | $31.30 | $31.46 |
| Taxes, insurance & HOA | $392.83 | $392.83 | $392.83 |
| Total housing payment | $689.04 | $1,635.59 | $1,513.26 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$17,720
Closing costs & prepaids$9,986
Usable credit−$0
Total buyer cash needed$27,706
Earnest money paid−$0
Remaining funds due$27,706
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,750.00
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)$143.50
Initial HOA (3 months)$585.00
Prepaid interest, first (1 days)$4.65
Prepaid interest, second (1 days)$28.27
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 9 moOf the original 30-year loan at 6.000%
Interest already paid$38,932Through Nov 2026
Assumption only · ends Aug 2039$15,128
Assumption + second · ends Aug 2039, second Dec 2056$226,889
New conventional · ends Dec 2056$238,494