Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$603/mo
Lowest payment- Down payment
- $187,590
- Funds due
- $196,321
- Interest + MI left
- $18,929
- First ends
- Feb 2040
Assumption
Assumption + second
$1,813/mo
+$1,211/mo- Down payment
- $22,590
- Funds due
- $32,643
- Interest + MI left
- $289,785
- First ends
- Feb 2040
New loan
New conventional
$1,673/mo
+$1,071/mo- Down payment
- $22,590
- Funds due
- $29,366
- Interest + MI left
- $306,968
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $37,410 | $37,410 | $202,410 |
| Second mortgage | — | $165,000 | — |
| First P&I | $329.52 | $329.52 | $1,401.45 |
| Second P&I | — | $1,210.71 | — |
| Mortgage insurance | $41.66 | $41.66 | $40.48 |
| Taxes, insurance & HOA | $231.50 | $231.50 | $231.50 |
| Total housing payment | $602.68 | $1,813.40 | $1,673.43 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$22,590
Closing costs & prepaids$10,053
Usable credit−$0
Total buyer cash needed$32,643
Earnest money paid−$0
Remaining funds due$32,643
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,250.00
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)$244.50
Prepaid interest, first (2 days)$11.03
Prepaid interest, second (2 days)$72.33
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 3 moOf the original 30-year loan at 5.380%
Interest already paid$44,830Through Nov 2026
Assumption only · ends Feb 2040$18,929
Assumption + second · ends Feb 2040, second Dec 2056$289,785
New conventional · ends Dec 2056$306,968