Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$772/mo
Lowest payment- Down payment
- $207,009
- Funds due
- $216,389
- Interest + MI left
- $20,194
- First ends
- Mar 2040
Assumption
Assumption + second
$2,108/mo
+$1,335/mo- Down payment
- $25,009
- Funds due
- $35,679
- Interest + MI left
- $318,957
- First ends
- Mar 2040
New loan
New conventional
$1,960/mo
+$1,187/mo- Down payment
- $25,009
- Funds due
- $32,378
- Interest + MI left
- $337,378
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $40,491 | $40,491 | $222,491 |
| Second mortgage | — | $182,000 | — |
| First P&I | $352.43 | $352.43 | $1,540.48 |
| Second P&I | — | $1,335.45 | — |
| Mortgage insurance | $45.21 | $45.21 | $44.50 |
| Taxes, insurance & HOA | $374.75 | $374.75 | $374.75 |
| Total housing payment | $772.38 | $2,107.84 | $1,959.73 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,009
Closing costs & prepaids$10,670
Usable credit−$0
Total buyer cash needed$35,679
Earnest money paid−$0
Remaining funds due$35,679
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,475.00
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)$194.25
Initial HOA (3 months)$480.00
Prepaid interest, first (1 days)$5.82
Prepaid interest, second (1 days)$39.89
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 closing13 yr 4 moOf the original 30-year loan at 5.250%
Interest already paid$47,155Through Nov 2026
Assumption only · ends Mar 2040$20,194
Assumption + second · ends Mar 2040, second Dec 2056$318,957
New conventional · ends Dec 2056$337,378