Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,168/mo
Lowest payment- Down payment
- $213,414
- Funds due
- $223,554
- Interest + MI left
- $36,328
- First ends
- Jul 2040
Assumption
Assumption + second
$2,518/mo
+$1,350/mo- Down payment
- $29,414
- Funds due
- $41,167
- Interest + MI left
- $338,374
- First ends
- Jul 2040
New loan
New conventional
$2,257/mo
+$1,088/mo- Down payment
- $29,414
- Funds due
- $37,819
- Interest + MI left
- $373,607
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $71,586 | $71,586 | $255,586 |
| Second mortgage | — | $184,000 | — |
| First P&I | $615.15 | $615.15 | $1,731.43 |
| Second P&I | — | $1,350.13 | — |
| Mortgage insurance | $78.91 | $78.91 | $51.12 |
| Taxes, insurance & HOA | $474.00 | $474.00 | $474.00 |
| Total housing payment | $1,168.06 | $2,518.18 | $2,256.55 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,414
Closing costs & prepaids$11,753
Usable credit−$0
Total buyer cash needed$41,167
Earnest money paid−$0
Remaining funds due$41,167
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
Initial HOA (3 months)$630.00
Prepaid interest, first (9 days)$92.67
Prepaid interest, second (9 days)$362.96
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 closing13 yr 7 moOf the original 30-year loan at 5.25%
Interest already paid$81,372Through Dec 2026
Assumption only · ends Jul 2040$36,328
Assumption + second · ends Jul 2040, second Jan 2057$338,374
New conventional · ends Jan 2057$373,607