Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,110/mo
Lowest payment- Down payment
- $240,316
- Funds due
- $250,908
- Interest + MI left
- $213,598
- First ends
- Jun 2064
Assumption
Assumption + second
$2,579/mo
+$1,469/mo- Down payment
- $35,316
- Funds due
- $47,549
- Interest + MI left
- $537,311
- First ends
- Jun 2064
New loan
New conventional
$2,571/mo
+$1,461/mo- Down payment
- $35,316
- Funds due
- $44,125
- Interest + MI left
- $460,120
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $109,684 | $109,684 | $314,684 |
| Second mortgage | — | $205,000 | — |
| First P&I | $682.39 | $682.39 | $2,131.78 |
| Second P&I | — | $1,468.65 | — |
| Mortgage insurance | $50.92 | $50.92 | $62.94 |
| Taxes, insurance & HOA | $376.67 | $376.67 | $376.67 |
| Total housing payment | $1,109.98 | $2,578.62 | $2,571.39 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,316
Closing costs & prepaids$12,233
Usable credit−$0
Total buyer cash needed$47,549
Earnest money paid−$0
Remaining funds due$47,549
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,500.00
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)$420.00
Initial HOA (3 months)$260.01
Prepaid interest, first (9 days)$186.61
Prepaid interest, second (9 days)$391.75
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 closing37 yr 6 moOf the original 40-year loan at 6.9%
Interest already paid$19,051Through Dec 2026
Assumption only · ends Jun 2064$213,598
Assumption + second · ends Jun 2064, second Jan 2057$537,311
New conventional · ends Jan 2057$460,120