Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$857/mo
Lowest payment- Down payment
- $228,000
- Funds due
- $237,556
- Interest + MI left
- $57,064
- First ends
- Feb 2045
Assumption
Assumption + second
$2,309/mo
+$1,453/mo- Down payment
- $30,000
- Funds due
- $40,849
- Interest + MI left
- $382,091
- First ends
- Feb 2045
New loan
New conventional
$2,175/mo
+$1,319/mo- Down payment
- $30,000
- Funds due
- $37,497
- Interest + MI left
- $407,957
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $71,000 | $71,000 | $269,000 |
| Second mortgage | — | $198,000 | — |
| First P&I | $563.45 | $563.45 | $1,862.50 |
| Second P&I | — | $1,452.85 | — |
| Mortgage insurance | $34.04 | $34.04 | $53.80 |
| Taxes, insurance & HOA | $259.08 | $259.08 | $259.08 |
| Total housing payment | $856.58 | $2,309.43 | $2,175.38 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,000
Closing costs & prepaids$10,849
Usable credit−$0
Total buyer cash needed$40,849
Earnest money paid−$0
Remaining funds due$40,849
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,990.00
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)$327.25
Prepaid interest, first (1 days)$13.07
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 closing18 yr 3 moOf the original 20-year loan at 6.720%
Interest already paid$8,555Through Nov 2026
Assumption only · ends Feb 2045$57,064
Assumption + second · ends Feb 2045, second Dec 2056$382,091
New conventional · ends Dec 2056$407,957