Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$907/mo
Lowest payment- Down payment
- $192,286
- Funds due
- $202,031
- Interest + MI left
- $166,481
- First ends
- Sep 2065
Assumption
Assumption + second
$2,110/mo
+$1,203/mo- Down payment
- $28,286
- Funds due
- $39,604
- Interest + MI left
- $435,695
- First ends
- Sep 2065
New loan
New conventional
$2,081/mo
+$1,174/mo- Down payment
- $28,286
- Funds due
- $36,245
- Interest + MI left
- $360,687
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $82,714 | $82,714 | $246,714 |
| Second mortgage | — | $164,000 | — |
| First P&I | $508.77 | $508.77 | $1,671.33 |
| Second P&I | — | $1,203.37 | — |
| Mortgage insurance | $38.15 | $38.15 | $49.34 |
| Taxes, insurance & HOA | $360.00 | $360.00 | $360.00 |
| Total housing payment | $906.92 | $2,110.29 | $2,080.67 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,286
Closing costs & prepaids$11,318
Usable credit−$0
Total buyer cash needed$39,604
Earnest money paid−$0
Remaining funds due$39,604
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)$330.00
Initial HOA (3 months)$300.00
Prepaid interest, first (9 days)$139.91
Prepaid interest, second (9 days)$323.51
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 closing38 yr 9 moOf the original 40-year loan at 6.86%
Interest already paid$7,117Through Dec 2026
Assumption only · ends Sep 2065$166,481
Assumption + second · ends Sep 2065, second Jan 2057$435,695
New conventional · ends Jan 2057$360,687