Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,643/mo
Lowest payment- Down payment
- $267,782
- Funds due
- $279,097
- Interest + MI left
- $55,555
- First ends
- Jul 2040
Assumption
Assumption + second
$3,284/mo
+$1,641/mo- Down payment
- $38,782
- Funds due
- $51,444
- Interest + MI left
- $417,165
- First ends
- Jul 2040
New loan
New conventional
$3,001/mo
+$1,357/mo- Down payment
- $38,782
- Funds due
- $48,017
- Interest + MI left
- $517,412
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $112,218 | $112,218 | $341,218 |
| Second mortgage | — | $229,000 | — |
| First P&I | $949.29 | $949.29 | $2,362.52 |
| Second P&I | — | $1,640.58 | — |
| Mortgage insurance | $124.41 | $124.41 | $68.24 |
| Taxes, insurance & HOA | $569.75 | $569.75 | $569.75 |
| Total housing payment | $1,643.45 | $3,284.03 | $3,000.52 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,782
Closing costs & prepaids$12,663
Usable credit−$0
Total buyer cash needed$51,444
Earnest money paid−$0
Remaining funds due$51,444
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,800.00
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)$884.25
Initial HOA (3 months)$375.00
Prepaid interest, first (2 days)$31.11
Prepaid interest, second (2 days)$97.25
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 closing13 yr 8 moOf the original 30-year loan at 5.060%
Interest already paid$122,646Through Nov 2026
Assumption only · ends Jul 2040$55,555
Assumption + second · ends Jul 2040, second Dec 2056$417,165
New conventional · ends Dec 2056$517,412