Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,089/mo
Lowest payment- Down payment
- $240,265
- Funds due
- $250,626
- Interest + MI left
- $214,273
- First ends
- Jun 2064
Assumption
Assumption + second
$2,557/mo
+$1,469/mo- Down payment
- $35,265
- Funds due
- $46,920
- Interest + MI left
- $537,985
- First ends
- Jun 2064
New loan
New conventional
$2,597/mo
+$1,509/mo- Down payment
- $35,265
- Funds due
- $43,517
- Interest + MI left
- $477,317
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $109,735 | $109,735 | $314,735 |
| Second mortgage | — | $205,000 | — |
| First P&I | $682.39 | $682.39 | $2,179.16 |
| Second P&I | — | $1,468.65 | — |
| Mortgage insurance | $50.92 | $50.92 | $62.95 |
| Taxes, insurance & HOA | $355.34 | $355.34 | $355.34 |
| Total housing payment | $1,088.65 | $2,557.29 | $2,597.45 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,265
Closing costs & prepaids$11,655
Usable credit−$0
Total buyer cash needed$46,920
Earnest money paid−$0
Remaining funds due$46,920
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,500.00
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)$356.00
Initial HOA (3 months)$260.01
Prepaid interest, first (1 days)$20.74
Prepaid interest, second (1 days)$43.53
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 7 moOf the original 40-year loan at 6.900%
Interest already paid$18,420Through Nov 2026
Assumption only · ends Jun 2064$214,273
Assumption + second · ends Jun 2064, second Dec 2056$537,985
New conventional · ends Dec 2056$477,317