Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,117/mo
Lowest payment- Down payment
- $263,388
- Funds due
- $274,423
- Interest + MI left
- $78,111
- First ends
- Jul 2038
Assumption
Assumption + second
$3,693/mo
+$1,576/mo- Down payment
- $43,388
- Funds due
- $55,719
- Interest + MI left
- $425,510
- First ends
- Jul 2038
New loan
New conventional
$3,046/mo
+$929/mo- Down payment
- $43,388
- Funds due
- $52,240
- Interest + MI left
- $578,664
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $161,612 | $161,612 | $381,612 |
| Second mortgage | — | $220,000 | — |
| First P&I | $1,597.96 | $1,597.96 | $2,642.20 |
| Second P&I | — | $1,576.11 | — |
| Mortgage insurance | $191.24 | $191.24 | $76.32 |
| Taxes, insurance & HOA | $327.75 | $327.75 | $327.75 |
| Total housing payment | $2,116.95 | $3,693.06 | $3,046.28 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,388
Closing costs & prepaids$12,331
Usable credit−$0
Total buyer cash needed$55,719
Earnest money paid−$0
Remaining funds due$55,719
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,250.00
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)$533.25
Prepaid interest, first (1 days)$26.03
Prepaid interest, second (1 days)$46.71
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 closing11 yr 8 moOf the original 30-year loan at 5.880%
Interest already paid$243,172Through Nov 2026
Assumption only · ends Jul 2038$78,111
Assumption + second · ends Jul 2038, second Dec 2056$425,510
New conventional · ends Dec 2056$578,664