Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,668/mo
Lowest payment- Down payment
- $254,587
- Funds due
- $265,503
- Interest + MI left
- $59,864
- First ends
- Nov 2039
Assumption
Assumption + second
$3,223/mo
+$1,555/mo- Down payment
- $37,587
- Funds due
- $49,799
- Interest + MI left
- $402,525
- First ends
- Nov 2039
New loan
New conventional
$2,861/mo
+$1,193/mo- Down payment
- $37,587
- Funds due
- $46,377
- Interest + MI left
- $511,710
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $120,413 | $120,413 | $337,413 |
| Second mortgage | — | $217,000 | — |
| First P&I | $1,074.67 | $1,074.67 | $2,336.18 |
| Second P&I | — | $1,554.61 | — |
| Mortgage insurance | $135.86 | $135.86 | $67.48 |
| Taxes, insurance & HOA | $457.58 | $457.58 | $457.58 |
| Total housing payment | $1,668.12 | $3,222.74 | $2,861.25 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,587
Closing costs & prepaids$12,212
Usable credit−$0
Total buyer cash needed$49,799
Earnest money paid−$0
Remaining funds due$49,799
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,750.00
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)$922.75
Prepaid interest, first (1 days)$17.75
Prepaid interest, second (1 days)$46.08
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 closing13 yrOf the original 30-year loan at 5.380%
Interest already paid$147,837Through Nov 2026
Assumption only · ends Nov 2039$59,864
Assumption + second · ends Nov 2039, second Dec 2056$402,525
New conventional · ends Dec 2056$511,710