Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,328/mo
Lowest payment- Down payment
- $236,079
- Funds due
- $246,489
- Interest + MI left
- $37,739
- First ends
- Apr 2039
Assumption
Assumption + second
$2,789/mo
+$1,461/mo- Down payment
- $32,079
- Funds due
- $43,826
- Interest + MI left
- $359,872
- First ends
- Apr 2039
New loan
New conventional
$2,522/mo
+$1,194/mo- Down payment
- $32,079
- Funds due
- $40,462
- Interest + MI left
- $436,636
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $83,911 | $83,911 | $287,911 |
| Second mortgage | — | $204,000 | — |
| First P&I | $757.51 | $757.51 | $1,993.44 |
| Second P&I | — | $1,461.48 | — |
| Mortgage insurance | $99.84 | $99.84 | $57.58 |
| Taxes, insurance & HOA | $470.66 | $470.66 | $470.66 |
| Total housing payment | $1,328.01 | $2,789.49 | $2,521.68 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,079
Closing costs & prepaids$11,747
Usable credit−$0
Total buyer cash needed$43,826
Earnest money paid−$0
Remaining funds due$43,826
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,199.90
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)$898.00
Initial HOA (3 months)$63.99
Prepaid interest, first (2 days)$23.04
Prepaid interest, second (2 days)$86.63
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 5.010%
Interest already paid$102,796Through Nov 2026
Assumption only · ends Apr 2039$37,739
Assumption + second · ends Apr 2039, second Dec 2056$359,872
New conventional · ends Dec 2056$436,636