Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,280/mo
Lowest payment- Down payment
- $285,914
- Funds due
- $297,184
- Interest + MI left
- $273,266
- First ends
- Mar 2065
Assumption
Assumption + second
$3,021/mo
+$1,741/mo- Down payment
- $42,914
- Funds due
- $55,743
- Interest + MI left
- $656,983
- First ends
- Mar 2065
New loan
New conventional
$3,028/mo
+$1,748/mo- Down payment
- $42,914
- Funds due
- $52,250
- Interest + MI left
- $558,673
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $139,086 | $139,086 | $382,086 |
| Second mortgage | — | $243,000 | — |
| First P&I | $852.82 | $852.82 | $2,588.38 |
| Second P&I | — | $1,740.88 | — |
| Mortgage insurance | $64.32 | $64.32 | $76.42 |
| Taxes, insurance & HOA | $363.00 | $363.00 | $363.00 |
| Total housing payment | $1,280.14 | $3,021.02 | $3,027.80 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,914
Closing costs & prepaids$12,829
Usable credit−$0
Total buyer cash needed$55,743
Earnest money paid−$0
Remaining funds due$55,743
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,250.00
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)$510.00
Initial HOA (3 months)$129.00
Prepaid interest, first (6 days)$155.70
Prepaid interest, second (6 days)$309.58
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 yr 3 moOf the original 40-year loan at 6.81%
Interest already paid$16,655Through Dec 2026
Assumption only · ends Mar 2065$273,266
Assumption + second · ends Mar 2065, second Jan 2057$656,983
New conventional · ends Jan 2057$558,673