Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$608/mo
Lowest payment- Down payment
- $221,570
- Funds due
- $231,063
- Interest + MI left
- $59,795
- First ends
- Sep 2062
Assumption
Assumption + second
$2,039/mo
+$1,431/mo- Down payment
- $26,570
- Funds due
- $37,356
- Interest + MI left
- $379,898
- First ends
- Sep 2062
New loan
New conventional
$2,033/mo
+$1,425/mo- Down payment
- $26,570
- Funds due
- $34,039
- Interest + MI left
- $353,814
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $38,330 | $38,330 | $233,330 |
| Second mortgage | — | $195,000 | — |
| First P&I | $209.35 | $209.35 | $1,615.53 |
| Second P&I | — | $1,430.84 | — |
| Mortgage insurance | $28.01 | $28.01 | $46.67 |
| Taxes, insurance & HOA | $371.08 | $371.08 | $371.08 |
| Total housing payment | $608.45 | $2,039.29 | $2,033.28 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$26,570
Closing costs & prepaids$10,786
Usable credit−$0
Total buyer cash needed$37,356
Earnest money paid−$0
Remaining funds due$37,356
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,599.00
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)$663.25
Prepaid interest, first (1 days)$5.99
Prepaid interest, second (1 days)$42.74
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 closing35 yr 10 moOf the original 40-year loan at 5.700%
Interest already paid$9,256Through Nov 2026
Assumption only · ends Sep 2062$59,795
Assumption + second · ends Sep 2062, second Dec 2056$379,898
New conventional · ends Dec 2056$353,814