Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,375/mo
Lowest payment- Down payment
- $212,090
- Funds due
- $222,444
- Interest + MI left
- $38,090
- First ends
- Jul 2039
Assumption
Assumption + second
$2,711/mo
+$1,335/mo- Down payment
- $30,090
- Funds due
- $41,734
- Interest + MI left
- $336,852
- First ends
- Jul 2039
New loan
New conventional
$2,426/mo
+$1,051/mo- Down payment
- $30,090
- Funds due
- $38,386
- Interest + MI left
- $401,699
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $82,909 | $82,909 | $264,909 |
| Second mortgage | — | $182,000 | — |
| First P&I | $738.65 | $738.65 | $1,834.18 |
| Second P&I | — | $1,335.45 | — |
| Mortgage insurance | $97.13 | $97.13 | $52.98 |
| Taxes, insurance & HOA | $539.33 | $539.33 | $539.33 |
| Total housing payment | $1,375.12 | $2,710.57 | $2,426.49 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,090
Closing costs & prepaids$11,644
Usable credit−$0
Total buyer cash needed$41,734
Earnest money paid−$0
Remaining funds due$41,734
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,949.99
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)$1,068.00
Initial HOA (3 months)$99.99
Prepaid interest, first (1 days)$11.43
Prepaid interest, second (1 days)$39.89
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 8 moOf the original 30-year loan at 5.030%
Interest already paid$99,421Through Nov 2026
Assumption only · ends Jul 2039$38,090
Assumption + second · ends Jul 2039, second Dec 2056$336,852
New conventional · ends Dec 2056$401,699