Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$741/mo
Lowest payment- Down payment
- $201,063
- Funds due
- $210,148
- Interest + MI left
- $22,056
- First ends
- Aug 2039
Assumption
Assumption + second
$2,032/mo
+$1,291/mo- Down payment
- $25,063
- Funds due
- $35,745
- Interest + MI left
- $310,969
- First ends
- Aug 2039
New loan
New conventional
$1,819/mo
+$1,078/mo- Down payment
- $25,063
- Funds due
- $32,436
- Interest + MI left
- $328,895
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $48,937 | $48,937 | $224,937 |
| Second mortgage | — | $176,000 | — |
| First P&I | $433.02 | $433.02 | $1,523.80 |
| Second P&I | — | $1,291.43 | — |
| Mortgage insurance | $57.73 | $57.73 | $44.99 |
| Taxes, insurance & HOA | $250.00 | $250.00 | $250.00 |
| Total housing payment | $740.74 | $2,032.17 | $1,818.79 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,063
Closing costs & prepaids$10,681
Usable credit−$0
Total buyer cash needed$35,745
Earnest money paid−$0
Remaining funds due$35,745
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,500.00
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)$300.00
Prepaid interest, first (9 days)$59.25
Prepaid interest, second (9 days)$347.18
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 8 moOf the original 30-year loan at 4.91%
Interest already paid$57,508Through Dec 2026
Assumption only · ends Aug 2039$22,056
Assumption + second · ends Aug 2039, second Jan 2057$310,969
New conventional · ends Jan 2057$328,895