Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$807/mo
Lowest payment- Down payment
- $207,184
- Funds due
- $216,713
- Interest + MI left
- $19,990
- First ends
- Mar 2040
Assumption
Assumption + second
$2,142/mo
+$1,335/mo- Down payment
- $25,184
- Funds due
- $36,322
- Interest + MI left
- $318,753
- First ends
- Mar 2040
New loan
New conventional
$1,960/mo
+$1,153/mo- Down payment
- $25,184
- Funds due
- $33,003
- Interest + MI left
- $325,018
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $40,316 | $40,316 | $222,316 |
| Second mortgage | — | $182,000 | — |
| First P&I | $352.43 | $352.43 | $1,506.05 |
| Second P&I | — | $1,335.45 | — |
| Mortgage insurance | $45.21 | $45.21 | $44.46 |
| Taxes, insurance & HOA | $409.00 | $409.00 | $409.00 |
| Total housing payment | $806.63 | $2,142.09 | $1,959.51 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,184
Closing costs & prepaids$11,138
Usable credit−$0
Total buyer cash needed$36,322
Earnest money paid−$0
Remaining funds due$36,322
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,475.00
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)$297.00
Initial HOA (3 months)$480.00
Prepaid interest, first (9 days)$52.19
Prepaid interest, second (9 days)$359.01
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 3 moOf the original 30-year loan at 5.25%
Interest already paid$47,332Through Dec 2026
Assumption only · ends Mar 2040$19,990
Assumption + second · ends Mar 2040, second Jan 2057$318,753
New conventional · ends Jan 2057$325,018