Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$987/mo
Lowest payment- Down payment
- $204,765
- Funds due
- $214,264
- Interest + MI left
- $34,758
- First ends
- Dec 2040
Assumption
Assumption + second
$2,278/mo
+$1,291/mo- Down payment
- $28,765
- Funds due
- $39,862
- Interest + MI left
- $323,671
- First ends
- Dec 2040
New loan
New conventional
$2,051/mo
+$1,064/mo- Down payment
- $28,765
- Funds due
- $36,548
- Interest + MI left
- $374,658
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $80,235 | $80,235 | $256,235 |
| Second mortgage | — | $176,000 | — |
| First P&I | $630.89 | $630.89 | $1,735.83 |
| Second P&I | — | $1,291.43 | — |
| Mortgage insurance | $91.82 | $91.82 | $51.25 |
| Taxes, insurance & HOA | $264.00 | $264.00 | $264.00 |
| Total housing payment | $986.71 | $2,278.14 | $2,051.07 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,765
Closing costs & prepaids$11,096
Usable credit−$0
Total buyer cash needed$39,862
Earnest money paid−$0
Remaining funds due$39,862
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,850.00
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)$342.00
Prepaid interest, first (9 days)$82.30
Prepaid interest, second (9 days)$347.18
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 closing14 yrOf the original 30-year loan at 4.16%
Interest already paid$71,736Through Dec 2026
Assumption only · ends Dec 2040$34,758
Assumption + second · ends Dec 2040, second Jan 2057$323,671
New conventional · ends Jan 2057$374,658