Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,140/mo
Lowest payment- Down payment
- $214,834
- Funds due
- $226,038
- Interest + MI left
- $68,355
- First ends
- Nov 2040
Assumption
Assumption + second
$3,395/mo
+$1,255/mo- Down payment
- $43,834
- Funds due
- $56,513
- Interest + MI left
- $349,060
- First ends
- Nov 2040
New loan
New conventional
$3,052/mo
+$912/mo- Down payment
- $43,834
- Funds due
- $53,154
- Interest + MI left
- $571,949
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $220,166 | $220,166 | $391,166 |
| Second mortgage | — | $171,000 | — |
| First P&I | $1,610.09 | $1,610.09 | $2,649.89 |
| Second P&I | — | $1,254.74 | — |
| Mortgage insurance | $206.39 | $206.39 | $78.23 |
| Taxes, insurance & HOA | $324.00 | $324.00 | $324.00 |
| Total housing payment | $2,140.48 | $3,395.21 | $3,052.13 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,834
Closing costs & prepaids$12,679
Usable credit−$0
Total buyer cash needed$56,513
Earnest money paid−$0
Remaining funds due$56,513
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,350.00
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)$522.00
Prepaid interest, first (6 days)$107.13
Prepaid interest, second (6 days)$224.88
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 closing13 yr 11 moOf the original 20-year loan at 2.96%
Interest already paid$46,335Through Dec 2026
Assumption only · ends Nov 2040$68,355
Assumption + second · ends Nov 2040, second Jan 2057$349,060
New conventional · ends Jan 2057$571,949