Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,252/mo
Lowest payment- Down payment
- $189,543
- Funds due
- $199,375
- Interest + MI left
- $35,694
- First ends
- Jul 2039
Assumption
Assumption + second
$2,441/mo
+$1,189/mo- Down payment
- $27,543
- Funds due
- $38,661
- Interest + MI left
- $301,625
- First ends
- Jul 2039
New loan
New conventional
$2,176/mo
+$924/mo- Down payment
- $27,543
- Funds due
- $35,338
- Interest + MI left
- $367,502
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $80,357 | $80,357 | $242,357 |
| Second mortgage | — | $162,000 | — |
| First P&I | $707.40 | $707.40 | $1,678.03 |
| Second P&I | — | $1,188.70 | — |
| Mortgage insurance | $95.28 | $95.28 | $48.47 |
| Taxes, insurance & HOA | $449.25 | $449.25 | $449.25 |
| Total housing payment | $1,251.93 | $2,440.63 | $2,175.75 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$27,543
Closing costs & prepaids$11,118
Usable credit−$0
Total buyer cash needed$38,661
Earnest money paid−$0
Remaining funds due$38,661
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,699.00
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)$249.75
Initial HOA (3 months)$648.00
Prepaid interest, first (1 days)$10.61
Prepaid interest, second (1 days)$35.51
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 closing12 yr 8 moOf the original 30-year loan at 4.820%
Interest already paid$92,977Through Nov 2026
Assumption only · ends Jul 2039$35,694
Assumption + second · ends Jul 2039, second Dec 2056$301,625
New conventional · ends Dec 2056$367,502