Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$962/mo
Lowest payment- Down payment
- $299,133
- Funds due
- $309,937
- Interest + MI left
- $192,727
- First ends
- Feb 2065
Assumption
Assumption + second
$2,818/mo
+$1,856/mo- Down payment
- $40,133
- Funds due
- $52,517
- Interest + MI left
- $601,710
- First ends
- Feb 2065
New loan
New conventional
$2,812/mo
+$1,850/mo- Down payment
- $40,133
- Funds due
- $49,049
- Interest + MI left
- $524,723
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $99,867 | $99,867 | $358,867 |
| Second mortgage | — | $259,000 | — |
| First P&I | $606.23 | $606.23 | $2,431.09 |
| Second P&I | — | $1,855.51 | — |
| Mortgage insurance | $46.22 | $46.22 | $71.77 |
| Taxes, insurance & HOA | $309.58 | $309.58 | $309.58 |
| Total housing payment | $962.03 | $2,817.54 | $2,812.45 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,133
Closing costs & prepaids$12,384
Usable credit−$0
Total buyer cash needed$52,517
Earnest money paid−$0
Remaining funds due$52,517
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)$110.32
Prepaid interest, second (6 days)$329.96
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 2 moOf the original 40-year loan at 6.72%
Interest already paid$12,367Through Dec 2026
Assumption only · ends Feb 2065$192,727
Assumption + second · ends Feb 2065, second Jan 2057$601,710
New conventional · ends Jan 2057$524,723