Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,277/mo
Lowest payment- Down payment
- $189,928
- Funds due
- $199,919
- Interest + MI left
- $35,313
- First ends
- Jul 2039
Assumption
Assumption + second
$2,465/mo
+$1,189/mo- Down payment
- $27,928
- Funds due
- $39,488
- Interest + MI left
- $301,244
- First ends
- Jul 2039
New loan
New conventional
$2,162/mo
+$885/mo- Down payment
- $27,928
- Funds due
- $36,173
- Interest + MI left
- $353,706
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $79,972 | $79,972 | $241,972 |
| Second mortgage | — | $162,000 | — |
| First P&I | $707.40 | $707.40 | $1,639.20 |
| Second P&I | — | $1,188.70 | — |
| Mortgage insurance | $95.28 | $95.28 | $48.39 |
| Taxes, insurance & HOA | $474.00 | $474.00 | $474.00 |
| Total housing payment | $1,276.68 | $2,465.38 | $2,161.60 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$27,928
Closing costs & prepaids$11,561
Usable credit−$0
Total buyer cash needed$39,488
Earnest money paid−$0
Remaining funds due$39,488
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)$324.00
Initial HOA (3 months)$648.00
Prepaid interest, first (9 days)$95.05
Prepaid interest, second (9 days)$319.56
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 7 moOf the original 30-year loan at 4.82%
Interest already paid$93,300Through Dec 2026
Assumption only · ends Jul 2039$35,313
Assumption + second · ends Jul 2039, second Jan 2057$301,244
New conventional · ends Jan 2057$353,706