Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,021/mo
Lowest payment- Down payment
- $215,313
- Funds due
- $225,204
- Interest + MI left
- $26,807
- First ends
- Aug 2039
Assumption
Assumption + second
$2,400/mo
+$1,379/mo- Down payment
- $27,313
- Funds due
- $38,536
- Interest + MI left
- $335,419
- First ends
- Aug 2039
New loan
New conventional
$2,192/mo
+$1,171/mo- Down payment
- $27,313
- Funds due
- $35,213
- Interest + MI left
- $366,486
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $53,687 | $53,687 | $241,687 |
| Second mortgage | — | $188,000 | — |
| First P&I | $489.79 | $489.79 | $1,673.39 |
| Second P&I | — | $1,379.48 | — |
| Mortgage insurance | $60.90 | $60.90 | $48.34 |
| Taxes, insurance & HOA | $469.92 | $469.92 | $469.92 |
| Total housing payment | $1,020.61 | $2,400.09 | $2,191.65 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$27,313
Closing costs & prepaids$11,223
Usable credit−$0
Total buyer cash needed$38,536
Earnest money paid−$0
Remaining funds due$38,536
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,690.00
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)$959.75
Prepaid interest, first (2 days)$16.27
Prepaid interest, second (2 days)$82.41
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 9 moOf the original 30-year loan at 5.530%
Interest already paid$69,096Through Nov 2026
Assumption only · ends Aug 2039$26,807
Assumption + second · ends Aug 2039, second Dec 2056$335,419
New conventional · ends Dec 2056$366,486