Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,493/mo
Lowest payment- Down payment
- $306,399
- Funds due
- $317,652
- Interest + MI left
- $48,435
- First ends
- Jan 2039
Assumption
Assumption + second
$3,399/mo
+$1,906/mo- Down payment
- $40,399
- Funds due
- $53,015
- Interest + MI left
- $468,471
- First ends
- Jan 2039
New loan
New conventional
$3,040/mo
+$1,547/mo- Down payment
- $40,399
- Funds due
- $49,562
- Interest + MI left
- $543,771
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $92,601 | $92,601 | $358,601 |
| Second mortgage | — | $266,000 | — |
| First P&I | $902.90 | $902.90 | $2,482.88 |
| Second P&I | — | $1,905.66 | — |
| Mortgage insurance | $104.87 | $104.87 | $71.72 |
| Taxes, insurance & HOA | $485.50 | $485.50 | $485.50 |
| Total housing payment | $1,493.26 | $3,398.92 | $3,040.10 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,399
Closing costs & prepaids$12,616
Usable credit−$0
Total buyer cash needed$53,015
Earnest money paid−$0
Remaining funds due$53,015
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,990.00
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)$31.26
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 6.160%
Interest already paid$137,775Through Nov 2026
Assumption only · ends Jan 2039$48,435
Assumption + second · ends Jan 2039, second Dec 2056$468,471
New conventional · ends Dec 2056$543,771