Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$874/mo
Lowest payment- Down payment
- $234,470
- Funds due
- $243,998
- Interest + MI left
- $31,682
- First ends
- Jun 2040
Assumption
Assumption + second
$2,336/mo
+$1,461/mo- Down payment
- $30,470
- Funds due
- $41,291
- Interest + MI left
- $353,815
- First ends
- Jun 2040
New loan
New conventional
$2,168/mo
+$1,294/mo- Down payment
- $30,470
- Funds due
- $37,938
- Interest + MI left
- $408,706
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $65,530 | $65,530 | $269,530 |
| Second mortgage | — | $204,000 | — |
| First P&I | $553.01 | $553.01 | $1,866.17 |
| Second P&I | — | $1,461.48 | — |
| Mortgage insurance | $73.39 | $73.39 | $53.91 |
| Taxes, insurance & HOA | $247.75 | $247.75 | $247.75 |
| Total housing payment | $874.14 | $2,335.62 | $2,167.83 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,470
Closing costs & prepaids$10,820
Usable credit−$0
Total buyer cash needed$41,291
Earnest money paid−$0
Remaining funds due$41,291
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)$293.25
Prepaid interest, first (1 days)$8.89
Prepaid interest, second (1 days)$43.32
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 7 moOf the original 30-year loan at 4.950%
Interest already paid$70,868Through Nov 2026
Assumption only · ends Jun 2040$31,682
Assumption + second · ends Jun 2040, second Dec 2056$353,815
New conventional · ends Dec 2056$408,706