Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,287/mo
Lowest payment- Down payment
- $222,156
- Funds due
- $232,975
- Interest + MI left
- $86,499
- First ends
- Jan 2051
Assumption
Assumption + second
$2,622/mo
+$1,335/mo- Down payment
- $40,156
- Funds due
- $52,584
- Interest + MI left
- $385,261
- First ends
- Jan 2051
New loan
New conventional
$2,819/mo
+$1,532/mo- Down payment
- $40,156
- Funds due
- $49,295
- Interest + MI left
- $526,005
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $177,744 | $177,744 | $359,744 |
| Second mortgage | — | $182,000 | — |
| First P&I | $830.44 | $830.44 | $2,437.03 |
| Second P&I | — | $1,335.45 | — |
| Mortgage insurance | $146.45 | $146.45 | $71.95 |
| Taxes, insurance & HOA | $310.00 | $310.00 | $310.00 |
| Total housing payment | $1,286.89 | $2,622.34 | $2,818.98 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,156
Closing costs & prepaids$12,428
Usable credit−$0
Total buyer cash needed$52,584
Earnest money paid−$0
Remaining funds due$52,584
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,999.00
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)$480.00
Prepaid interest, first (9 days)$115.05
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 closing24 yr 1 moOf the original 30-year loan at 2.625%
Interest already paid$29,949Through Dec 2026
Assumption only · ends Jan 2051$86,499
Assumption + second · ends Jan 2051, second Jan 2057$385,261
New conventional · ends Jan 2057$526,005