Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,037/mo
Lowest payment- Down payment
- $192,250
- Funds due
- $202,276
- Interest + MI left
- $166,987
- First ends
- Sep 2065
Assumption
Assumption + second
$2,240/mo
+$1,203/mo- Down payment
- $28,250
- Funds due
- $39,598
- Interest + MI left
- $436,202
- First ends
- Sep 2065
New loan
New conventional
$2,248/mo
+$1,211/mo- Down payment
- $28,250
- Funds due
- $36,262
- Interest + MI left
- $374,114
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $82,750 | $82,750 | $246,750 |
| Second mortgage | — | $164,000 | — |
| First P&I | $508.77 | $508.77 | $1,708.45 |
| Second P&I | — | $1,203.37 | — |
| Mortgage insurance | $38.15 | $38.15 | $49.35 |
| Taxes, insurance & HOA | $489.83 | $489.83 | $489.83 |
| Total housing payment | $1,036.75 | $2,240.12 | $2,247.63 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,250
Closing costs & prepaids$11,347
Usable credit−$0
Total buyer cash needed$39,598
Earnest money paid−$0
Remaining funds due$39,598
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,750.00
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)$719.50
Initial HOA (3 months)$300.00
Prepaid interest, first (2 days)$31.10
Prepaid interest, second (2 days)$71.89
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 closing38 yr 10 moOf the original 40-year loan at 6.860%
Interest already paid$6,644Through Nov 2026
Assumption only · ends Sep 2065$166,987
Assumption + second · ends Sep 2065, second Dec 2056$436,202
New conventional · ends Dec 2056$374,114