Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,029/mo
Lowest payment- Down payment
- $328,436
- Funds due
- $340,436
- Interest + MI left
- $80,302
- First ends
- Nov 2039
Assumption
Assumption + second
$4,021/mo
+$1,992/mo- Down payment
- $50,436
- Funds due
- $63,745
- Interest + MI left
- $519,287
- First ends
- Nov 2039
New loan
New conventional
$3,536/mo
+$1,507/mo- Down payment
- $50,436
- Funds due
- $60,200
- Interest + MI left
- $681,642
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $171,464 | $171,464 | $449,464 |
| Second mortgage | — | $278,000 | — |
| First P&I | $1,496.99 | $1,496.99 | $3,112.00 |
| Second P&I | — | $1,991.63 | — |
| Mortgage insurance | $197.53 | $197.53 | $89.89 |
| Taxes, insurance & HOA | $334.42 | $334.42 | $334.42 |
| Total housing payment | $2,028.93 | $4,020.56 | $3,536.31 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$50,436
Closing costs & prepaids$13,310
Usable credit−$0
Total buyer cash needed$63,745
Earnest money paid−$0
Remaining funds due$63,745
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,999.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$503.25
Prepaid interest, first (1 days)$23.49
Prepaid interest, second (1 days)$59.03
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 yrOf the original 30-year loan at 5.000%
Interest already paid$197,989Through Nov 2026
Assumption only · ends Nov 2039$80,302
Assumption + second · ends Nov 2039, second Dec 2056$519,287
New conventional · ends Dec 2056$681,642