Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,083/mo
Lowest payment- Down payment
- $201,704
- Funds due
- $211,129
- Interest + MI left
- $42,889
- First ends
- Nov 2040
Assumption
Assumption + second
$2,345/mo
+$1,262/mo- Down payment
- $29,704
- Funds due
- $40,417
- Interest + MI left
- $325,236
- First ends
- Nov 2040
New loan
New conventional
$2,119/mo
+$1,036/mo- Down payment
- $29,704
- Funds due
- $37,074
- Interest + MI left
- $402,339
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $93,296 | $93,296 | $265,296 |
| Second mortgage | — | $172,000 | — |
| First P&I | $749.05 | $749.05 | $1,836.86 |
| Second P&I | — | $1,262.08 | — |
| Mortgage insurance | $104.84 | $104.84 | $53.06 |
| Taxes, insurance & HOA | $229.50 | $229.50 | $229.50 |
| Total housing payment | $1,083.38 | $2,345.46 | $2,119.42 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,704
Closing costs & prepaids$10,713
Usable credit−$0
Total buyer cash needed$40,417
Earnest money paid−$0
Remaining funds due$40,417
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,950.00
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)$28.50
Initial HOA (3 months)$210.00
Prepaid interest, first (1 days)$11.48
Prepaid interest, second (1 days)$37.70
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 closing14 yrOf the original 30-year loan at 4.490%
Interest already paid$89,107Through Nov 2026
Assumption only · ends Nov 2040$42,889
Assumption + second · ends Nov 2040, second Dec 2056$325,236
New conventional · ends Dec 2056$402,339