Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$871/mo
Lowest payment- Down payment
- $229,213
- Funds due
- $238,866
- Interest + MI left
- $24,379
- First ends
- Mar 2039
Assumption
Assumption + second
$2,311/mo
+$1,440/mo- Down payment
- $28,213
- Funds due
- $39,501
- Interest + MI left
- $341,775
- First ends
- Mar 2039
New loan
New conventional
$2,092/mo
+$1,221/mo- Down payment
- $28,213
- Funds due
- $36,160
- Interest + MI left
- $368,008
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $50,687 | $50,687 | $251,687 |
| Second mortgage | — | $201,000 | — |
| First P&I | $475.45 | $475.45 | $1,705.02 |
| Second P&I | — | $1,439.99 | — |
| Mortgage insurance | $59.12 | $59.12 | $50.34 |
| Taxes, insurance & HOA | $336.67 | $336.67 | $336.67 |
| Total housing payment | $871.24 | $2,311.22 | $2,092.02 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,213
Closing costs & prepaids$11,287
Usable credit−$0
Total buyer cash needed$39,501
Earnest money paid−$0
Remaining funds due$39,501
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,799.00
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)$336.00
Initial HOA (3 months)$224.01
Prepaid interest, first (9 days)$69.11
Prepaid interest, second (9 days)$384.10
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 3 moOf the original 30-year loan at 5.53%
Interest already paid$68,497Through Dec 2026
Assumption only · ends Mar 2039$24,379
Assumption + second · ends Mar 2039, second Jan 2057$341,775
New conventional · ends Jan 2057$368,008