Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,225/mo
Lowest payment- Down payment
- $294,610
- Funds due
- $305,353
- Interest + MI left
- $40,220
- First ends
- Dec 2039
Assumption
Assumption + second
$3,059/mo
+$1,834/mo- Down payment
- $38,610
- Funds due
- $50,657
- Interest + MI left
- $444,466
- First ends
- Dec 2039
New loan
New conventional
$2,817/mo
+$1,592/mo- Down payment
- $38,610
- Funds due
- $47,224
- Interest + MI left
- $517,673
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $85,390 | $85,390 | $341,390 |
| Second mortgage | — | $256,000 | — |
| First P&I | $742.13 | $742.13 | $2,363.72 |
| Second P&I | — | $1,834.02 | — |
| Mortgage insurance | $97.92 | $97.92 | $68.28 |
| Taxes, insurance & HOA | $385.17 | $385.17 | $385.17 |
| Total housing payment | $1,225.22 | $3,059.23 | $2,817.16 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,610
Closing costs & prepaids$12,047
Usable credit−$0
Total buyer cash needed$50,657
Earnest money paid−$0
Remaining funds due$50,657
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,800.00
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)$462.50
Initial HOA (3 months)$243.00
Prepaid interest, first (1 days)$11.70
Prepaid interest, second (1 days)$54.36
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 closing13 yr 1 moOf the original 30-year loan at 5.000%
Interest already paid$97,797Through Nov 2026
Assumption only · ends Dec 2039$40,220
Assumption + second · ends Dec 2039, second Dec 2056$444,466
New conventional · ends Dec 2056$517,673