Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,341/mo
Lowest payment- Down payment
- $204,140
- Funds due
- $214,637
- Interest + MI left
- $29,950
- First ends
- Dec 2039
Assumption
Assumption + second
$2,632/mo
+$1,291/mo- Down payment
- $28,140
- Funds due
- $40,118
- Interest + MI left
- $318,863
- First ends
- Dec 2039
New loan
New conventional
$2,381/mo
+$1,039/mo- Down payment
- $28,140
- Funds due
- $36,803
- Interest + MI left
- $368,261
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $75,860 | $75,860 | $251,860 |
| Second mortgage | — | $176,000 | — |
| First P&I | $624.42 | $624.42 | $1,706.19 |
| Second P&I | — | $1,291.43 | — |
| Mortgage insurance | $92.64 | $92.64 | $50.37 |
| Taxes, insurance & HOA | $624.00 | $624.00 | $624.00 |
| Total housing payment | $1,341.06 | $2,632.49 | $2,380.56 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,140
Closing costs & prepaids$11,978
Usable credit−$0
Total buyer cash needed$40,118
Earnest money paid−$0
Remaining funds due$40,118
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,800.00
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)$336.00
Initial HOA (3 months)$1,086.00
Prepaid interest, first (6 days)$49.88
Prepaid interest, second (6 days)$231.45
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 yrOf the original 30-year loan at 4%
Interest already paid$72,450Through Dec 2026
Assumption only · ends Dec 2039$29,950
Assumption + second · ends Dec 2039, second Jan 2057$318,863
New conventional · ends Jan 2057$368,261