Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$895/mo
Lowest payment- Down payment
- $296,180
- Funds due
- $306,603
- Interest + MI left
- $24,115
- First ends
- Oct 2039
Assumption
Assumption + second
$2,765/mo
+$1,870/mo- Down payment
- $35,180
- Funds due
- $46,964
- Interest + MI left
- $436,256
- First ends
- Oct 2039
New loan
New conventional
$2,609/mo
+$1,714/mo- Down payment
- $35,180
- Funds due
- $43,564
- Interest + MI left
- $472,834
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $50,820 | $50,820 | $311,820 |
| Second mortgage | — | $261,000 | — |
| First P&I | $448.83 | $448.83 | $2,158.98 |
| Second P&I | — | $1,869.84 | — |
| Mortgage insurance | $58.42 | $58.42 | $62.36 |
| Taxes, insurance & HOA | $388.00 | $388.00 | $388.00 |
| Total housing payment | $895.25 | $2,765.09 | $2,609.34 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,180
Closing costs & prepaids$11,784
Usable credit−$0
Total buyer cash needed$46,964
Earnest money paid−$0
Remaining funds due$46,964
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,470.00
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)$534.00
Initial HOA (3 months)$180.00
Prepaid interest, first (2 days)$14.26
Prepaid interest, second (2 days)$110.84
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 11 moOf the original 30-year loan at 5.120%
Interest already paid$60,352Through Nov 2026
Assumption only · ends Oct 2039$24,115
Assumption + second · ends Oct 2039, second Dec 2056$436,256
New conventional · ends Dec 2056$472,834