Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,223/mo
Lowest payment- Down payment
- $300,095
- Funds due
- $311,731
- Interest + MI left
- $184,611
- First ends
- Dec 2064
Assumption
Assumption + second
$3,085/mo
+$1,863/mo- Down payment
- $40,095
- Funds due
- $53,313
- Interest + MI left
- $595,173
- First ends
- Dec 2064
New loan
New conventional
$3,095/mo
+$1,872/mo- Down payment
- $40,095
- Funds due
- $49,849
- Interest + MI left
- $526,239
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $99,904 | $99,904 | $359,904 |
| Second mortgage | — | $260,000 | — |
| First P&I | $591.52 | $591.52 | $2,438.12 |
| Second P&I | — | $1,862.67 | — |
| Mortgage insurance | $46.31 | $46.31 | $71.98 |
| Taxes, insurance & HOA | $585.00 | $585.00 | $585.00 |
| Total housing payment | $1,222.82 | $3,085.50 | $3,095.10 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,095
Closing costs & prepaids$13,218
Usable credit−$0
Total buyer cash needed$53,313
Earnest money paid−$0
Remaining funds due$53,313
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,999.99
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)$480.00
Initial HOA (3 months)$825.00
Prepaid interest, first (6 days)$106.75
Prepaid interest, second (6 days)$331.23
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 closing38 yrOf the original 40-year loan at 6.5%
Interest already paid$13,066Through Dec 2026
Assumption only · ends Dec 2064$184,611
Assumption + second · ends Dec 2064, second Jan 2057$595,173
New conventional · ends Jan 2057$526,239