Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,171/mo
Lowest payment- Down payment
- $228,113
- Funds due
- $238,328
- Interest + MI left
- $36,693
- First ends
- Jul 2040
Assumption
Assumption + second
$2,623/mo
+$1,453/mo- Down payment
- $30,113
- Funds due
- $41,622
- Interest + MI left
- $361,720
- First ends
- Jul 2040
New loan
New conventional
$2,399/mo
+$1,229/mo- Down payment
- $30,113
- Funds due
- $38,271
- Interest + MI left
- $409,302
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $71,887 | $71,887 | $269,887 |
| Second mortgage | — | $198,000 | — |
| First P&I | $615.15 | $615.15 | $1,868.64 |
| Second P&I | — | $1,452.85 | — |
| Mortgage insurance | $78.91 | $78.91 | $53.98 |
| Taxes, insurance & HOA | $476.58 | $476.58 | $476.58 |
| Total housing payment | $1,170.64 | $2,623.49 | $2,399.20 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,113
Closing costs & prepaids$11,508
Usable credit−$0
Total buyer cash needed$41,622
Earnest money paid−$0
Remaining funds due$41,622
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,000.00
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)$349.75
Initial HOA (3 months)$630.00
Prepaid interest, first (1 days)$10.34
Prepaid interest, second (1 days)$43.40
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 8 moOf the original 30-year loan at 5.250%
Interest already paid$81,057Through Nov 2026
Assumption only · ends Jul 2040$36,693
Assumption + second · ends Jul 2040, second Dec 2056$361,720
New conventional · ends Dec 2056$409,302