Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,087/mo
Lowest payment- Down payment
- $236,379
- Funds due
- $246,651
- Interest + MI left
- $236,661
- First ends
- Feb 2064
Assumption
Assumption + second
$2,527/mo
+$1,440/mo- Down payment
- $35,379
- Funds due
- $47,157
- Interest + MI left
- $554,057
- First ends
- Feb 2064
New loan
New conventional
$2,477/mo
+$1,389/mo- Down payment
- $35,379
- Funds due
- $43,729
- Interest + MI left
- $458,566
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $112,621 | $112,621 | $313,621 |
| Second mortgage | — | $201,000 | — |
| First P&I | $745.60 | $745.60 | $2,124.58 |
| Second P&I | — | $1,439.99 | — |
| Mortgage insurance | $52.28 | $52.28 | $62.72 |
| Taxes, insurance & HOA | $289.58 | $289.58 | $289.58 |
| Total housing payment | $1,087.46 | $2,527.45 | $2,476.89 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,379
Closing costs & prepaids$11,778
Usable credit−$0
Total buyer cash needed$47,157
Earnest money paid−$0
Remaining funds due$47,157
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,490.00
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)$418.75
Prepaid interest, first (6 days)$137.74
Prepaid interest, second (6 days)$256.07
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 2 moOf the original 40-year loan at 7.44%
Interest already paid$23,903Through Dec 2026
Assumption only · ends Feb 2064$236,661
Assumption + second · ends Feb 2064, second Jan 2057$554,057
New conventional · ends Jan 2057$458,566