Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,669/mo
Lowest payment- Down payment
- $223,967
- Funds due
- $235,817
- Interest + MI left
- $244,715
- First ends
- Apr 2065
Assumption
Assumption + second
$3,056/mo
+$1,387/mo- Down payment
- $34,967
- Funds due
- $48,150
- Interest + MI left
- $554,968
- First ends
- Apr 2065
New loan
New conventional
$3,068/mo
+$1,399/mo- Down payment
- $34,967
- Funds due
- $44,748
- Interest + MI left
- $470,122
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $121,032 | $121,032 | $310,032 |
| Second mortgage | — | $189,000 | — |
| First P&I | $753.57 | $753.57 | $2,146.60 |
| Second P&I | — | $1,386.82 | — |
| Mortgage insurance | $55.91 | $55.91 | $62.01 |
| Taxes, insurance & HOA | $859.83 | $859.83 | $859.83 |
| Total housing payment | $1,669.31 | $3,056.13 | $3,068.44 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,967
Closing costs & prepaids$13,183
Usable credit−$0
Total buyer cash needed$48,150
Earnest money paid−$0
Remaining funds due$48,150
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,449.99
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)$914.50
Initial HOA (3 months)$1,215.00
Prepaid interest, first (2 days)$46.09
Prepaid interest, second (2 days)$82.85
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 closing38 yr 5 moOf the original 40-year loan at 6.950%
Interest already paid$13,374Through Nov 2026
Assumption only · ends Apr 2065$244,715
Assumption + second · ends Apr 2065, second Dec 2056$554,968
New conventional · ends Dec 2056$470,122