Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,688/mo
Lowest payment- Down payment
- $236,761
- Funds due
- $247,776
- Interest + MI left
- $49,427
- First ends
- Jun 2039
Assumption
Assumption + second
$3,135/mo
+$1,447/mo- Down payment
- $34,761
- Funds due
- $47,069
- Interest + MI left
- $368,402
- First ends
- Jun 2039
New loan
New conventional
$2,802/mo
+$1,114/mo- Down payment
- $34,761
- Funds due
- $43,676
- Interest + MI left
- $470,498
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $108,239 | $108,239 | $310,239 |
| Second mortgage | — | $202,000 | — |
| First P&I | $968.89 | $968.89 | $2,148.03 |
| Second P&I | — | $1,447.15 | — |
| Mortgage insurance | $127.41 | $127.41 | $62.05 |
| Taxes, insurance & HOA | $591.58 | $591.58 | $591.58 |
| Total housing payment | $1,687.88 | $3,135.03 | $2,801.66 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,761
Closing costs & prepaids$12,308
Usable credit−$0
Total buyer cash needed$47,069
Earnest money paid−$0
Remaining funds due$47,069
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,450.00
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)$364.75
Initial HOA (3 months)$960.00
Prepaid interest, first (1 days)$14.92
Prepaid interest, second (1 days)$42.89
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 7 moOf the original 30-year loan at 5.030%
Interest already paid$130,865Through Nov 2026
Assumption only · ends Jun 2039$49,427
Assumption + second · ends Jun 2039, second Dec 2056$368,402
New conventional · ends Dec 2056$470,498