Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,158/mo
Lowest payment- Down payment
- $177,940
- Funds due
- $188,655
- Interest + MI left
- $84,276
- First ends
- Jan 2040
Assumption
Assumption + second
$3,200/mo
+$1,042/mo- Down payment
- $35,940
- Funds due
- $48,030
- Interest + MI left
- $317,376
- First ends
- Jan 2040
New loan
New conventional
$2,622/mo
+$464/mo- Down payment
- $35,940
- Funds due
- $44,641
- Interest + MI left
- $453,592
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $171,960 | $171,960 | $313,960 |
| Second mortgage | — | $142,000 | — |
| First P&I | $1,516.48 | $1,516.48 | $2,112.03 |
| Second P&I | — | $1,041.95 | — |
| Mortgage insurance | $194.52 | $194.52 | $62.79 |
| Taxes, insurance & HOA | $447.42 | $447.42 | $447.42 |
| Total housing payment | $2,158.42 | $3,200.37 | $2,622.24 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,940
Closing costs & prepaids$12,090
Usable credit−$0
Total buyer cash needed$48,030
Earnest money paid−$0
Remaining funds due$48,030
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,499.00
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)$892.25
Prepaid interest, first (4 days)$98.94
Prepaid interest, second (4 days)$124.49
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 4 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 1 moOf the original 30-year loan at 5.25%
Interest already paid$205,182Through Dec 2026
Assumption only · ends Jan 2040$84,276
Assumption + second · ends Jan 2040, second Jan 2057$317,376
New conventional · ends Jan 2057$453,592