Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,227/mo
Lowest payment- Down payment
- $238,479
- Funds due
- $248,754
- Interest + MI left
- $8,892
- First ends
- Jan 2033
Assumption
Assumption + second
$2,731/mo
+$1,504/mo- Down payment
- $28,479
- Funds due
- $40,049
- Interest + MI left
- $340,499
- First ends
- Jan 2033
New loan
New conventional
$2,338/mo
+$1,111/mo- Down payment
- $28,479
- Funds due
- $36,714
- Interest + MI left
- $373,767
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $36,521 | $36,521 | $246,521 |
| Second mortgage | — | $210,000 | — |
| First P&I | $566.08 | $566.08 | $1,706.86 |
| Second P&I | — | $1,504.47 | — |
| Mortgage insurance | $79.14 | $79.14 | $49.30 |
| Taxes, insurance & HOA | $581.75 | $581.75 | $581.75 |
| Total housing payment | $1,226.97 | $2,731.43 | $2,337.92 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,479
Closing costs & prepaids$11,569
Usable credit−$0
Total buyer cash needed$40,049
Earnest money paid−$0
Remaining funds due$40,049
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,750.00
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)$395.25
Initial HOA (3 months)$900.00
Prepaid interest, first (1 days)$4.50
Prepaid interest, second (1 days)$44.59
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 closing6 yr 2 moOf the original 30-year loan at 4.500%
Interest already paid$86,697Through Nov 2026
Assumption only · ends Jan 2033$8,892
Assumption + second · ends Jan 2033, second Dec 2056$340,499
New conventional · ends Dec 2056$373,767