Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,555/mo
Lowest payment- Down payment
- $188,424
- Funds due
- $199,496
- Interest + MI left
- $106,257
- First ends
- Feb 2051
Assumption
Assumption + second
$2,641/mo
+$1,086/mo- Down payment
- $40,424
- Funds due
- $53,038
- Interest + MI left
- $349,207
- First ends
- Feb 2051
New loan
New conventional
$2,893/mo
+$1,338/mo- Down payment
- $40,424
- Funds due
- $49,786
- Interest + MI left
- $525,758
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $211,575 | $211,575 | $359,575 |
| Second mortgage | — | $148,000 | — |
| First P&I | $996.23 | $996.23 | $2,435.89 |
| Second P&I | — | $1,085.97 | — |
| Mortgage insurance | $173.53 | $173.53 | $71.92 |
| Taxes, insurance & HOA | $385.00 | $385.00 | $385.00 |
| Total housing payment | $1,554.76 | $2,640.73 | $2,892.80 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,424
Closing costs & prepaids$12,614
Usable credit−$0
Total buyer cash needed$53,038
Earnest money paid−$0
Remaining funds due$53,038
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,999.99
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
Initial HOA (3 months)$225.00
Prepaid interest, first (9 days)$141.90
Prepaid interest, second (9 days)$291.95
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 2 moOf the original 30-year loan at 2.72%
Interest already paid$36,328Through Dec 2026
Assumption only · ends Feb 2051$106,257
Assumption + second · ends Feb 2051, second Jan 2057$349,207
New conventional · ends Jan 2057$525,758