Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,184/mo
Lowest payment- Down payment
- $221,716
- Funds due
- $232,125
- Interest + MI left
- $86,974
- First ends
- Jan 2051
Assumption
Assumption + second
$2,513/mo
+$1,328/mo- Down payment
- $40,716
- Funds due
- $52,415
- Interest + MI left
- $384,095
- First ends
- Jan 2051
New loan
New conventional
$2,766/mo
+$1,582/mo- Down payment
- $40,716
- Funds due
- $48,978
- Interest + MI left
- $544,655
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $178,184 | $178,184 | $359,184 |
| Second mortgage | — | $181,000 | — |
| First P&I | $830.44 | $830.44 | $2,486.92 |
| Second P&I | — | $1,328.11 | — |
| Mortgage insurance | $146.45 | $146.45 | $71.84 |
| Taxes, insurance & HOA | $207.50 | $207.50 | $207.50 |
| Total housing payment | $1,184.39 | $2,512.50 | $2,766.25 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,716
Closing costs & prepaids$11,699
Usable credit−$0
Total buyer cash needed$52,415
Earnest money paid−$0
Remaining funds due$52,415
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)$172.50
Prepaid interest, first (1 days)$12.81
Prepaid interest, second (1 days)$39.67
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 closing24 yr 2 moOf the original 30-year loan at 2.625%
Interest already paid$29,559Through Nov 2026
Assumption only · ends Jan 2051$86,974
Assumption + second · ends Jan 2051, second Dec 2056$384,095
New conventional · ends Dec 2056$544,655