Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$953/mo
Lowest payment- Down payment
- $299,630
- Funds due
- $309,874
- Interest + MI left
- $31,258
- First ends
- Jul 2039
Assumption
Assumption + second
$2,830/mo
+$1,877/mo- Down payment
- $37,630
- Funds due
- $49,235
- Interest + MI left
- $444,978
- First ends
- Jul 2039
New loan
New conventional
$2,618/mo
+$1,665/mo- Down payment
- $37,630
- Funds due
- $45,814
- Interest + MI left
- $503,995
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $70,370 | $70,370 | $332,370 |
| Second mortgage | — | $262,000 | — |
| First P&I | $619.48 | $619.48 | $2,301.26 |
| Second P&I | — | $1,877.00 | — |
| Mortgage insurance | $83.44 | $83.44 | $66.47 |
| Taxes, insurance & HOA | $250.17 | $250.17 | $250.17 |
| Total housing payment | $953.09 | $2,830.09 | $2,617.90 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,630
Closing costs & prepaids$11,605
Usable credit−$0
Total buyer cash needed$49,235
Earnest money paid−$0
Remaining funds due$49,235
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,700.00
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)$300.50
Prepaid interest, first (2 days)$18.59
Prepaid interest, second (2 days)$111.26
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 8 moOf the original 30-year loan at 4.820%
Interest already paid$81,422Through Nov 2026
Assumption only · ends Jul 2039$31,258
Assumption + second · ends Jul 2039, second Dec 2056$444,978
New conventional · ends Dec 2056$503,995