Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,458/mo
Lowest payment- Down payment
- $306,826
- Funds due
- $318,083
- Interest + MI left
- $47,899
- First ends
- Jan 2039
Assumption
Assumption + second
$3,364/mo
+$1,906/mo- Down payment
- $40,826
- Funds due
- $53,842
- Interest + MI left
- $467,935
- First ends
- Jan 2039
New loan
New conventional
$2,949/mo
+$1,490/mo- Down payment
- $40,826
- Funds due
- $50,369
- Interest + MI left
- $523,638
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $92,174 | $92,174 | $358,174 |
| Second mortgage | — | $266,000 | — |
| First P&I | $902.90 | $902.90 | $2,426.40 |
| Second P&I | — | $1,905.66 | — |
| Mortgage insurance | $104.87 | $104.87 | $71.63 |
| Taxes, insurance & HOA | $450.58 | $450.58 | $450.58 |
| Total housing payment | $1,458.35 | $3,364.00 | $2,948.61 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,826
Closing costs & prepaids$13,015
Usable credit−$0
Total buyer cash needed$53,842
Earnest money paid−$0
Remaining funds due$53,842
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,990.00
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)$478.75
Initial HOA (3 months)$423.00
Prepaid interest, first (9 days)$140.00
Prepaid interest, second (9 days)$508.32
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 1 moOf the original 30-year loan at 6.16%
Interest already paid$138,250Through Dec 2026
Assumption only · ends Jan 2039$47,899
Assumption + second · ends Jan 2039, second Jan 2057$467,935
New conventional · ends Jan 2057$523,638