Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,030/mo
Lowest payment- Down payment
- $260,697
- Funds due
- $270,720
- Interest + MI left
- $35,298
- First ends
- Feb 2039
Assumption
Assumption + second
$2,656/mo
+$1,626/mo- Down payment
- $33,697
- Funds due
- $45,404
- Interest + MI left
- $393,750
- First ends
- Feb 2039
New loan
New conventional
$2,349/mo
+$1,318/mo- Down payment
- $33,697
- Funds due
- $42,006
- Interest + MI left
- $433,185
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $69,303 | $69,303 | $296,303 |
| Second mortgage | — | $227,000 | — |
| First P&I | $668.89 | $668.89 | $2,007.26 |
| Second P&I | — | $1,626.26 | — |
| Mortgage insurance | $79.28 | $79.28 | $59.26 |
| Taxes, insurance & HOA | $282.00 | $282.00 | $282.00 |
| Total housing payment | $1,030.17 | $2,656.43 | $2,348.52 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,697
Closing costs & prepaids$11,707
Usable credit−$0
Total buyer cash needed$45,404
Earnest money paid−$0
Remaining funds due$45,404
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,300.00
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)$396.00
Prepaid interest, first (9 days)$102.02
Prepaid interest, second (9 days)$433.79
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 2 moOf the original 30-year loan at 5.97%
Interest already paid$100,521Through Dec 2026
Assumption only · ends Feb 2039$35,298
Assumption + second · ends Feb 2039, second Jan 2057$393,750
New conventional · ends Jan 2057$433,185