Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,344/mo
Lowest payment- Down payment
- $267,143
- Funds due
- $278,246
- Interest + MI left
- $299,659
- First ends
- Jun 2064
Assumption
Assumption + second
$2,956/mo
+$1,612/mo- Down payment
- $42,143
- Funds due
- $54,783
- Interest + MI left
- $654,953
- First ends
- Jun 2064
New loan
New conventional
$2,953/mo
+$1,609/mo- Down payment
- $42,143
- Funds due
- $51,297
- Interest + MI left
- $552,489
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $152,857 | $152,857 | $377,857 |
| Second mortgage | — | $225,000 | — |
| First P&I | $955.34 | $955.34 | $2,559.73 |
| Second P&I | — | $1,611.93 | — |
| Mortgage insurance | $70.96 | $70.96 | $75.57 |
| Taxes, insurance & HOA | $318.00 | $318.00 | $318.00 |
| Total housing payment | $1,344.29 | $2,956.22 | $2,953.31 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,143
Closing costs & prepaids$12,640
Usable credit−$0
Total buyer cash needed$54,783
Earnest money paid−$0
Remaining funds due$54,783
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,200.00
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)$504.00
Prepaid interest, first (6 days)$174.38
Prepaid interest, second (6 days)$286.64
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 closing37 yr 6 moOf the original 40-year loan at 6.94%
Interest already paid$26,701Through Dec 2026
Assumption only · ends Jun 2064$299,659
Assumption + second · ends Jun 2064, second Jan 2057$654,953
New conventional · ends Jan 2057$552,489