Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$471/mo
Lowest payment- Down payment
- $199,541
- Funds due
- $208,544
- Interest + MI left
- $40,422
- First ends
- Jul 2065
Assumption
Assumption + second
$1,770/mo
+$1,299/mo- Down payment
- $22,541
- Funds due
- $32,988
- Interest + MI left
- $330,977
- First ends
- Jul 2065
New loan
New conventional
$1,713/mo
+$1,242/mo- Down payment
- $22,541
- Funds due
- $29,694
- Interest + MI left
- $288,532
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $20,359 | $20,359 | $197,359 |
| Second mortgage | — | $177,000 | — |
| First P&I | $124.61 | $124.61 | $1,336.98 |
| Second P&I | — | $1,298.76 | — |
| Mortgage insurance | $9.40 | $9.40 | $39.47 |
| Taxes, insurance & HOA | $336.92 | $336.92 | $336.92 |
| Total housing payment | $470.93 | $1,769.69 | $1,713.37 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$22,541
Closing costs & prepaids$10,448
Usable credit−$0
Total buyer cash needed$32,988
Earnest money paid−$0
Remaining funds due$32,988
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,199.00
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)$560.75
Prepaid interest, first (5 days)$18.99
Prepaid interest, second (5 days)$193.97
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 5 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 7 moOf the original 40-year loan at 6.81%
Interest already paid$1,972Through Dec 2026
Assumption only · ends Jul 2065$40,422
Assumption + second · ends Jul 2065, second Jan 2057$330,977
New conventional · ends Jan 2057$288,532