Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,077/mo
Lowest payment- Down payment
- $219,849
- Funds due
- $230,120
- Interest + MI left
- $24,988
- First ends
- Jan 2041
Assumption
Assumption + second
$2,486/mo
+$1,409/mo- Down payment
- $27,849
- Funds due
- $39,412
- Interest + MI left
- $340,166
- First ends
- Jan 2041
New loan
New conventional
$2,340/mo
+$1,264/mo- Down payment
- $27,849
- Funds due
- $36,085
- Interest + MI left
- $374,772
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $55,151 | $55,151 | $247,151 |
| Second mortgage | — | $192,000 | — |
| First P&I | $435.15 | $435.15 | $1,711.22 |
| Second P&I | — | $1,408.83 | — |
| Mortgage insurance | $61.92 | $61.92 | $49.43 |
| Taxes, insurance & HOA | $579.83 | $579.83 | $579.83 |
| Total housing payment | $1,076.90 | $2,485.73 | $2,340.49 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$27,849
Closing costs & prepaids$11,563
Usable credit−$0
Total buyer cash needed$39,412
Earnest money paid−$0
Remaining funds due$39,412
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,750.00
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)$152.50
Initial HOA (3 months)$1,137.00
Prepaid interest, first (1 days)$6.57
Prepaid interest, second (1 days)$42.08
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 closing14 yr 2 moOf the original 30-year loan at 4.350%
Interest already paid$50,417Through Nov 2026
Assumption only · ends Jan 2041$24,988
Assumption + second · ends Jan 2041, second Dec 2056$340,166
New conventional · ends Dec 2056$374,772