Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,141/mo
Lowest payment- Down payment
- $290,171
- Funds due
- $300,788
- Interest + MI left
- $35,986
- First ends
- Jan 2039
Assumption
Assumption + second
$2,960/mo
+$1,820/mo- Down payment
- $36,171
- Funds due
- $48,524
- Interest + MI left
- $437,074
- First ends
- Jan 2039
New loan
New conventional
$2,637/mo
+$1,497/mo- Down payment
- $36,171
- Funds due
- $45,095
- Interest + MI left
- $473,492
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $69,829 | $69,829 | $323,829 |
| Second mortgage | — | $254,000 | — |
| First P&I | $681.84 | $681.84 | $2,193.73 |
| Second P&I | — | $1,819.69 | — |
| Mortgage insurance | $79.70 | $79.70 | $64.77 |
| Taxes, insurance & HOA | $379.00 | $379.00 | $379.00 |
| Total housing payment | $1,140.53 | $2,960.22 | $2,637.50 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,171
Closing costs & prepaids$12,352
Usable credit−$0
Total buyer cash needed$48,524
Earnest money paid−$0
Remaining funds due$48,524
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,600.00
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)$432.00
Initial HOA (3 months)$255.00
Prepaid interest, first (9 days)$105.03
Prepaid interest, second (9 days)$485.38
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 1 moOf the original 30-year loan at 6.1%
Interest already paid$103,908Through Dec 2026
Assumption only · ends Jan 2039$35,986
Assumption + second · ends Jan 2039, second Jan 2057$437,074
New conventional · ends Jan 2057$473,492