Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$829/mo
Lowest payment- Down payment
- $219,065
- Funds due
- $228,760
- Interest + MI left
- $98,261
- First ends
- Nov 2055
Assumption
Assumption + second
$2,223/mo
+$1,394/mo- Down payment
- $29,065
- Funds due
- $40,093
- Interest + MI left
- $410,156
- First ends
- Nov 2055
New loan
New conventional
$2,190/mo
+$1,361/mo- Down payment
- $29,065
- Funds due
- $36,750
- Interest + MI left
- $395,574
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $70,835 | $70,835 | $260,835 |
| Second mortgage | — | $190,000 | — |
| First P&I | $463.92 | $463.92 | $1,805.97 |
| Second P&I | — | $1,394.15 | — |
| Mortgage insurance | $32.82 | $32.82 | $52.17 |
| Taxes, insurance & HOA | $331.84 | $331.84 | $331.84 |
| Total housing payment | $828.57 | $2,222.73 | $2,189.97 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,065
Closing costs & prepaids$11,029
Usable credit−$0
Total buyer cash needed$40,093
Earnest money paid−$0
Remaining funds due$40,093
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,899.00
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)$252.50
Initial HOA (3 months)$293.01
Prepaid interest, first (2 days)$26.16
Prepaid interest, second (2 days)$83.29
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 closing29 yrOf the original 30-year loan at 6.740%
Interest already paid$4,803Through Nov 2026
Assumption only · ends Nov 2055$98,261
Assumption + second · ends Nov 2055, second Dec 2056$410,156
New conventional · ends Dec 2056$395,574