Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,355/mo
Lowest payment- Down payment
- $249,910
- Funds due
- $260,205
- Interest + MI left
- $41,650
- First ends
- Feb 2038
Assumption
Assumption + second
$2,902/mo
+$1,547/mo- Down payment
- $33,910
- Funds due
- $45,547
- Interest + MI left
- $382,732
- First ends
- Feb 2038
New loan
New conventional
$2,522/mo
+$1,167/mo- Down payment
- $33,910
- Funds due
- $42,159
- Interest + MI left
- $455,047
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $84,090 | $84,090 | $300,090 |
| Second mortgage | — | $216,000 | — |
| First P&I | $871.49 | $871.49 | $2,077.76 |
| Second P&I | — | $1,547.45 | — |
| Mortgage insurance | $99.63 | $99.63 | $60.02 |
| Taxes, insurance & HOA | $383.75 | $383.75 | $383.75 |
| Total housing payment | $1,354.87 | $2,902.32 | $2,521.53 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,910
Closing costs & prepaids$11,637
Usable credit−$0
Total buyer cash needed$45,547
Earnest money paid−$0
Remaining funds due$45,547
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,340.00
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)$701.25
Prepaid interest, first (2 days)$29.07
Prepaid interest, second (2 days)$91.73
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 closing11 yr 3 moOf the original 30-year loan at 6.310%
Interest already paid$139,528Through Nov 2026
Assumption only · ends Feb 2038$41,650
Assumption + second · ends Feb 2038, second Dec 2056$382,732
New conventional · ends Dec 2056$455,047