Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,420/mo
Lowest payment- Down payment
- $306,273
- Funds due
- $317,480
- Interest + MI left
- $41,473
- First ends
- Jan 2039
Assumption
Assumption + second
$3,325/mo
+$1,906/mo- Down payment
- $40,273
- Funds due
- $52,843
- Interest + MI left
- $461,509
- First ends
- Jan 2039
New loan
New conventional
$3,013/mo
+$1,593/mo- Down payment
- $40,273
- Funds due
- $49,396
- Interest + MI left
- $537,896
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $88,727 | $88,727 | $354,727 |
| Second mortgage | — | $266,000 | — |
| First P&I | $829.48 | $829.48 | $2,456.06 |
| Second P&I | — | $1,905.66 | — |
| Mortgage insurance | $104.87 | $104.87 | $70.95 |
| Taxes, insurance & HOA | $485.50 | $485.50 | $485.50 |
| Total housing payment | $1,419.84 | $3,325.50 | $3,012.50 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,273
Closing costs & prepaids$12,571
Usable credit−$0
Total buyer cash needed$52,843
Earnest money paid−$0
Remaining funds due$52,843
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,950.00
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)$583.50
Initial HOA (3 months)$423.00
Prepaid interest, first (2 days)$26.16
Prepaid interest, second (2 days)$112.96
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 2 moOf the original 30-year loan at 5.380%
Interest already paid$118,189Through Nov 2026
Assumption only · ends Jan 2039$41,473
Assumption + second · ends Jan 2039, second Dec 2056$461,509
New conventional · ends Dec 2056$537,896