Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$854/mo
Lowest payment- Down payment
- $299,192
- Funds due
- $309,548
- Interest + MI left
- $22,626
- First ends
- Jun 2039
Assumption
Assumption + second
$2,746/mo
+$1,891/mo- Down payment
- $35,192
- Funds due
- $47,303
- Interest + MI left
- $439,504
- First ends
- Jun 2039
New loan
New conventional
$2,536/mo
+$1,681/mo- Down payment
- $35,192
- Funds due
- $43,892
- Interest + MI left
- $460,298
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $50,806 | $50,806 | $314,806 |
| Second mortgage | — | $264,000 | — |
| First P&I | $453.89 | $453.89 | $2,132.61 |
| Second P&I | — | $1,891.33 | — |
| Mortgage insurance | $60.51 | $60.51 | $62.96 |
| Taxes, insurance & HOA | $340.00 | $340.00 | $340.00 |
| Total housing payment | $854.40 | $2,745.72 | $2,535.57 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,192
Closing costs & prepaids$12,111
Usable credit−$0
Total buyer cash needed$47,303
Earnest money paid−$0
Remaining funds due$47,303
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,499.98
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)$420.00
Initial HOA (3 months)$150.00
Prepaid interest, first (9 days)$61.51
Prepaid interest, second (9 days)$504.49
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 6 moOf the original 30-year loan at 4.91%
Interest already paid$60,699Through Dec 2026
Assumption only · ends Jun 2039$22,626
Assumption + second · ends Jun 2039, second Jan 2057$439,504
New conventional · ends Jan 2057$460,298