Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$794/mo
Lowest payment- Down payment
- $222,700
- Funds due
- $232,435
- Interest + MI left
- $17,264
- First ends
- Oct 2040
Assumption
Assumption + second
$2,233/mo
+$1,438/mo- Down payment
- $26,700
- Funds due
- $37,771
- Interest + MI left
- $339,008
- First ends
- Oct 2040
New loan
New conventional
$2,112/mo
+$1,318/mo- Down payment
- $26,700
- Funds due
- $34,454
- Interest + MI left
- $353,722
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $37,300 | $37,300 | $233,300 |
| Second mortgage | — | $196,000 | — |
| First P&I | $302.08 | $302.08 | $1,615.32 |
| Second P&I | — | $1,438.18 | — |
| Mortgage insurance | $41.93 | $41.93 | $46.66 |
| Taxes, insurance & HOA | $450.42 | $450.42 | $450.42 |
| Total housing payment | $794.43 | $2,232.61 | $2,112.40 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$26,700
Closing costs & prepaids$11,071
Usable credit−$0
Total buyer cash needed$37,771
Earnest money paid−$0
Remaining funds due$37,771
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,600.00
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)$166.25
Initial HOA (3 months)$735.00
Prepaid interest, first (2 days)$9.32
Prepaid interest, second (2 days)$85.92
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 30-year loan at 4.560%
Interest already paid$36,400Through Nov 2026
Assumption only · ends Oct 2040$17,264
Assumption + second · ends Oct 2040, second Dec 2056$339,008
New conventional · ends Dec 2056$353,722