Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,286/mo
Lowest payment- Down payment
- $263,922
- Funds due
- $274,589
- Interest + MI left
- $43,430
- First ends
- Jun 2040
Assumption
Assumption + second
$2,919/mo
+$1,633/mo- Down payment
- $35,922
- Funds due
- $48,033
- Interest + MI left
- $403,461
- First ends
- Jun 2040
New loan
New conventional
$2,623/mo
+$1,338/mo- Down payment
- $35,922
- Funds due
- $44,625
- Interest + MI left
- $453,762
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $86,078 | $86,078 | $314,078 |
| Second mortgage | — | $228,000 | — |
| First P&I | $742.81 | $742.81 | $2,112.82 |
| Second P&I | — | $1,633.42 | — |
| Mortgage insurance | $95.28 | $95.28 | $62.82 |
| Taxes, insurance & HOA | $447.50 | $447.50 | $447.50 |
| Total housing payment | $1,285.60 | $2,919.02 | $2,623.14 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,922
Closing costs & prepaids$12,111
Usable credit−$0
Total buyer cash needed$48,033
Earnest money paid−$0
Remaining funds due$48,033
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)$892.50
Prepaid interest, first (4 days)$49.52
Prepaid interest, second (4 days)$193.64
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 6 moOf the original 30-year loan at 5.25%
Interest already paid$98,637Through Dec 2026
Assumption only · ends Jun 2040$43,430
Assumption + second · ends Jun 2040, second Jan 2057$403,461
New conventional · ends Jan 2057$453,762