Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,331/mo
Lowest payment- Down payment
- $240,189
- Funds due
- $250,584
- Interest + MI left
- $43,754
- First ends
- Aug 2039
Assumption
Assumption + second
$2,814/mo
+$1,483/mo- Down payment
- $33,189
- Funds due
- $44,878
- Interest + MI left
- $370,624
- First ends
- Aug 2039
New loan
New conventional
$2,531/mo
+$1,200/mo- Down payment
- $33,189
- Funds due
- $41,498
- Interest + MI left
- $442,490
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $84,809 | $84,809 | $291,809 |
| Second mortgage | — | $207,000 | — |
| First P&I | $783.38 | $783.38 | $2,020.43 |
| Second P&I | — | $1,482.97 | — |
| Mortgage insurance | $95.09 | $95.09 | $58.36 |
| Taxes, insurance & HOA | $452.33 | $452.33 | $452.33 |
| Total housing payment | $1,330.80 | $2,813.77 | $2,531.12 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,189
Closing costs & prepaids$11,689
Usable credit−$0
Total buyer cash needed$44,878
Earnest money paid−$0
Remaining funds due$44,878
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,249.98
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)$307.00
Initial HOA (3 months)$600.00
Prepaid interest, first (1 days)$13.36
Prepaid interest, second (1 days)$43.95
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 5.750%
Interest already paid$112,730Through Nov 2026
Assumption only · ends Aug 2039$43,754
Assumption + second · ends Aug 2039, second Dec 2056$370,624
New conventional · ends Dec 2056$442,490