Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$926/mo
Lowest payment- Down payment
- $233,973
- Funds due
- $243,779
- Interest + MI left
- $24,649
- First ends
- Mar 2039
Assumption
Assumption + second
$2,395/mo
+$1,469/mo- Down payment
- $28,973
- Funds due
- $40,072
- Interest + MI left
- $348,361
- First ends
- Mar 2039
New loan
New conventional
$2,215/mo
+$1,289/mo- Down payment
- $28,973
- Funds due
- $36,733
- Interest + MI left
- $388,079
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $50,927 | $50,927 | $255,927 |
| Second mortgage | — | $205,000 | — |
| First P&I | $475.45 | $475.45 | $1,771.99 |
| Second P&I | — | $1,468.65 | — |
| Mortgage insurance | $59.12 | $59.12 | $51.19 |
| Taxes, insurance & HOA | $391.42 | $391.42 | $391.42 |
| Total housing payment | $925.99 | $2,394.63 | $2,214.59 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,973
Closing costs & prepaids$11,100
Usable credit−$0
Total buyer cash needed$40,072
Earnest money paid−$0
Remaining funds due$40,072
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,849.00
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)$500.25
Initial HOA (3 months)$224.01
Prepaid interest, first (1 days)$7.72
Prepaid interest, second (1 days)$43.53
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 4 moOf the original 30-year loan at 5.530%
Interest already paid$68,263Through Nov 2026
Assumption only · ends Mar 2039$24,649
Assumption + second · ends Mar 2039, second Dec 2056$348,361
New conventional · ends Dec 2056$388,079