Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,599/mo
Lowest payment- Down payment
- $239,025
- Funds due
- $251,208
- Interest + MI left
- $78,008
- First ends
- May 2039
Assumption
Assumption + second
$4,015/mo
+$1,416/mo- Down payment
- $46,025
- Funds due
- $59,839
- Interest + MI left
- $394,827
- First ends
- May 2039
New loan
New conventional
$3,358/mo
+$759/mo- Down payment
- $46,025
- Funds due
- $56,485
- Interest + MI left
- $605,300
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $220,975 | $220,975 | $413,975 |
| Second mortgage | — | $193,000 | — |
| First P&I | $1,841.31 | $1,841.31 | $2,804.41 |
| Second P&I | — | $1,416.17 | — |
| Mortgage insurance | $286.88 | $286.88 | $82.80 |
| Taxes, insurance & HOA | $470.67 | $470.67 | $470.67 |
| Total housing payment | $2,598.86 | $4,015.02 | $3,357.87 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$46,025
Closing costs & prepaids$13,814
Usable credit−$0
Total buyer cash needed$59,839
Earnest money paid−$0
Remaining funds due$59,839
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,600.00
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)$552.00
Initial HOA (3 months)$360.00
Prepaid interest, first (9 days)$196.15
Prepaid interest, second (9 days)$380.71
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 5 moOf the original 30-year loan at 3.6%
Interest already paid$204,492Through Dec 2026
Assumption only · ends May 2039$78,008
Assumption + second · ends May 2039, second Jan 2057$394,827
New conventional · ends Jan 2057$605,300