Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$970/mo
Lowest payment- Down payment
- $280,374
- Funds due
- $290,336
- Interest + MI left
- $35,691
- First ends
- Feb 2039
Assumption
Assumption + second
$2,725/mo
+$1,755/mo- Down payment
- $35,374
- Funds due
- $46,690
- Interest + MI left
- $422,567
- First ends
- Feb 2039
New loan
New conventional
$2,463/mo
+$1,493/mo- Down payment
- $35,374
- Funds due
- $43,287
- Interest + MI left
- $477,089
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $69,626 | $69,626 | $314,626 |
| Second mortgage | — | $245,000 | — |
| First P&I | $668.89 | $668.89 | $2,178.41 |
| Second P&I | — | $1,755.21 | — |
| Mortgage insurance | $79.28 | $79.28 | $62.93 |
| Taxes, insurance & HOA | $221.42 | $221.42 | $221.42 |
| Total housing payment | $969.59 | $2,724.80 | $2,462.75 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,374
Closing costs & prepaids$11,316
Usable credit−$0
Total buyer cash needed$46,690
Earnest money paid−$0
Remaining funds due$46,690
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,500.00
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)$214.25
Prepaid interest, first (2 days)$22.78
Prepaid interest, second (2 days)$104.04
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 3 moOf the original 30-year loan at 5.970%
Interest already paid$100,174Through Nov 2026
Assumption only · ends Feb 2039$35,691
Assumption + second · ends Feb 2039, second Dec 2056$422,567
New conventional · ends Dec 2056$477,089