Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$638/mo
Lowest payment- Down payment
- $228,222
- Funds due
- $237,521
- Interest + MI left
- $21,212
- First ends
- Jun 2041
Assumption
Assumption + second
$2,078/mo
+$1,440/mo- Down payment
- $27,222
- Funds due
- $38,155
- Interest + MI left
- $338,608
- First ends
- Jun 2041
New loan
New conventional
$1,951/mo
+$1,313/mo- Down payment
- $27,222
- Funds due
- $34,829
- Interest + MI left
- $354,982
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $41,778 | $41,778 | $242,778 |
| Second mortgage | — | $201,000 | — |
| First P&I | $335.46 | $335.46 | $1,644.66 |
| Second P&I | — | $1,439.99 | — |
| Mortgage insurance | $44.87 | $44.87 | $48.56 |
| Taxes, insurance & HOA | $258.00 | $258.00 | $258.00 |
| Total housing payment | $638.33 | $2,078.32 | $1,951.22 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$27,222
Closing costs & prepaids$10,933
Usable credit−$0
Total buyer cash needed$38,155
Earnest money paid−$0
Remaining funds due$38,155
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,700.00
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)$324.00
Prepaid interest, first (9 days)$50.27
Prepaid interest, second (9 days)$384.10
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 closing14 yr 6 moOf the original 30-year loan at 4.88%
Interest already paid$40,821Through Dec 2026
Assumption only · ends Jun 2041$21,212
Assumption + second · ends Jun 2041, second Jan 2057$338,608
New conventional · ends Jan 2057$354,982