Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$808/mo
Lowest payment- Down payment
- $214,843
- Funds due
- $224,325
- Interest + MI left
- $87,544
- First ends
- Nov 2052
Assumption
Assumption + second
$2,158/mo
+$1,350/mo- Down payment
- $30,843
- Funds due
- $41,615
- Interest + MI left
- $389,590
- First ends
- Nov 2052
New loan
New conventional
$2,145/mo
+$1,337/mo- Down payment
- $30,843
- Funds due
- $38,258
- Interest + MI left
- $406,571
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $84,157 | $84,157 | $268,157 |
| Second mortgage | — | $184,000 | — |
| First P&I | $510.13 | $510.13 | $1,856.66 |
| Second P&I | — | $1,350.13 | — |
| Mortgage insurance | $63.29 | $63.29 | $53.63 |
| Taxes, insurance & HOA | $234.75 | $234.75 | $234.75 |
| Total housing payment | $808.17 | $2,158.30 | $2,145.05 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,843
Closing costs & prepaids$10,772
Usable credit−$0
Total buyer cash needed$41,615
Earnest money paid−$0
Remaining funds due$41,615
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,990.00
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)$254.25
Prepaid interest, first (1 days)$12.80
Prepaid interest, second (1 days)$40.33
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 closing26 yrOf the original 30-year loan at 5.550%
Interest already paid$19,293Through Nov 2026
Assumption only · ends Nov 2052$87,544
Assumption + second · ends Nov 2052, second Dec 2056$389,590
New conventional · ends Dec 2056$406,571