Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$857/mo
Lowest payment- Down payment
- $241,674
- Funds due
- $251,253
- Interest + MI left
- $25,981
- First ends
- Apr 2039
Assumption
Assumption + second
$2,369/mo
+$1,512/mo- Down payment
- $30,674
- Funds due
- $41,593
- Interest + MI left
- $359,168
- First ends
- Apr 2039
New loan
New conventional
$2,181/mo
+$1,324/mo- Down payment
- $30,674
- Funds due
- $38,240
- Interest + MI left
- $408,245
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $58,226 | $58,226 | $269,226 |
| Second mortgage | — | $211,000 | — |
| First P&I | $524.17 | $524.17 | $1,864.07 |
| Second P&I | — | $1,511.63 | — |
| Mortgage insurance | $69.48 | $69.48 | $53.85 |
| Taxes, insurance & HOA | $263.25 | $263.25 | $263.25 |
| Total housing payment | $856.90 | $2,368.53 | $2,181.16 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,674
Closing costs & prepaids$10,919
Usable credit−$0
Total buyer cash needed$41,593
Earnest money paid−$0
Remaining funds due$41,593
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,999.00
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)$339.75
Prepaid interest, first (2 days)$15.82
Prepaid interest, second (2 days)$89.60
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 5 moOf the original 30-year loan at 4.960%
Interest already paid$70,737Through Nov 2026
Assumption only · ends Apr 2039$25,981
Assumption + second · ends Apr 2039, second Dec 2056$359,168
New conventional · ends Dec 2056$408,245