Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,530/mo
Lowest payment- Down payment
- $209,477
- Funds due
- $219,857
- Interest + MI left
- $45,984
- First ends
- Aug 2039
Assumption
Assumption + second
$2,829/mo
+$1,299/mo- Down payment
- $32,477
- Funds due
- $44,184
- Interest + MI left
- $336,539
- First ends
- Aug 2039
New loan
New conventional
$2,500/mo
+$970/mo- Down payment
- $32,477
- Funds due
- $40,821
- Interest + MI left
- $432,958
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $108,523 | $108,523 | $285,523 |
| Second mortgage | — | $177,000 | — |
| First P&I | $933.43 | $933.43 | $1,976.90 |
| Second P&I | — | $1,298.76 | — |
| Mortgage insurance | $130.49 | $130.49 | $57.10 |
| Taxes, insurance & HOA | $466.00 | $466.00 | $466.00 |
| Total housing payment | $1,529.92 | $2,828.68 | $2,500.01 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,477
Closing costs & prepaids$11,707
Usable credit−$0
Total buyer cash needed$44,184
Earnest money paid−$0
Remaining funds due$44,184
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,180.00
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)$429.00
Initial HOA (3 months)$519.00
Prepaid interest, first (2 days)$26.76
Prepaid interest, second (2 days)$77.59
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 4.500%
Interest already paid$117,520Through Nov 2026
Assumption only · ends Aug 2039$45,984
Assumption + second · ends Aug 2039, second Dec 2056$336,539
New conventional · ends Dec 2056$432,958