Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,195/mo
Lowest payment- Down payment
- $262,928
- Funds due
- $273,771
- Interest + MI left
- $252,885
- First ends
- May 2064
Assumption
Assumption + second
$2,792/mo
+$1,598/mo- Down payment
- $39,928
- Funds due
- $52,305
- Interest + MI left
- $605,021
- First ends
- May 2064
New loan
New conventional
$2,814/mo
+$1,619/mo- Down payment
- $39,928
- Funds due
- $48,846
- Interest + MI left
- $525,023
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $136,072 | $136,072 | $359,072 |
| Second mortgage | — | $223,000 | — |
| First P&I | $821.92 | $821.92 | $2,432.48 |
| Second P&I | — | $1,597.60 | — |
| Mortgage insurance | $63.26 | $63.26 | $71.81 |
| Taxes, insurance & HOA | $309.58 | $309.58 | $309.58 |
| Total housing payment | $1,194.77 | $2,792.37 | $2,813.88 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,928
Closing costs & prepaids$12,376
Usable credit−$0
Total buyer cash needed$52,305
Earnest money paid−$0
Remaining funds due$52,305
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,990.00
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)$478.75
Prepaid interest, first (6 days)$148.52
Prepaid interest, second (6 days)$284.10
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 5 moOf the original 40-year loan at 6.64%
Interest already paid$23,519Through Dec 2026
Assumption only · ends May 2064$252,885
Assumption + second · ends May 2064, second Jan 2057$605,021
New conventional · ends Jan 2057$525,023