Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$777/mo
Lowest payment- Down payment
- $185,474
- Funds due
- $194,397
- Interest + MI left
- $25,497
- First ends
- Jan 2040
Assumption
Assumption + second
$1,958/mo
+$1,181/mo- Down payment
- $24,474
- Funds due
- $34,718
- Interest + MI left
- $289,787
- First ends
- Jan 2040
New loan
New conventional
$1,780/mo
+$1,003/mo- Down payment
- $24,474
- Funds due
- $31,426
- Interest + MI left
- $326,817
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $54,526 | $54,526 | $215,526 |
| Second mortgage | — | $161,000 | — |
| First P&I | $469.55 | $469.55 | $1,492.26 |
| Second P&I | — | $1,181.36 | — |
| Mortgage insurance | $62.53 | $62.53 | $43.11 |
| Taxes, insurance & HOA | $244.75 | $244.75 | $244.75 |
| Total housing payment | $776.83 | $1,958.19 | $1,780.11 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$24,474
Closing costs & prepaids$10,245
Usable credit−$0
Total buyer cash needed$34,718
Earnest money paid−$0
Remaining funds due$34,718
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,400.00
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)$284.25
Prepaid interest, first (2 days)$14.70
Prepaid interest, second (2 days)$70.58
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 2 moOf the original 30-year loan at 4.920%
Interest already paid$61,105Through Nov 2026
Assumption only · ends Jan 2040$25,497
Assumption + second · ends Jan 2040, second Dec 2056$289,787
New conventional · ends Dec 2056$326,817