Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,318/mo
Lowest payment- Down payment
- $275,676
- Funds due
- $285,927
- Interest + MI left
- $26,916
- First ends
- Jul 2035
Assumption
Assumption + second
$3,037/mo
+$1,719/mo- Down payment
- $35,676
- Funds due
- $47,635
- Interest + MI left
- $405,896
- First ends
- Jul 2035
New loan
New conventional
$2,482/mo
+$1,165/mo- Down payment
- $35,676
- Funds due
- $44,221
- Interest + MI left
- $459,531
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $74,324 | $74,324 | $314,324 |
| Second mortgage | — | $240,000 | — |
| First P&I | $916.67 | $916.67 | $2,129.34 |
| Second P&I | — | $1,719.39 | — |
| Mortgage insurance | $111.02 | $111.02 | $62.86 |
| Taxes, insurance & HOA | $290.00 | $290.00 | $290.00 |
| Total housing payment | $1,317.69 | $3,037.08 | $2,482.21 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,676
Closing costs & prepaids$11,959
Usable credit−$0
Total buyer cash needed$47,635
Earnest money paid−$0
Remaining funds due$47,635
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)$420.00
Prepaid interest, first (9 days)$105.74
Prepaid interest, second (9 days)$458.63
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 closing8 yr 7 moOf the original 30-year loan at 5.77%
Interest already paid$153,170Through Dec 2026
Assumption only · ends Jul 2035$26,916
Assumption + second · ends Jul 2035, second Jan 2057$405,896
New conventional · ends Jan 2057$459,531