Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,395/mo
Lowest payment- Down payment
- $185,571
- Funds due
- $196,016
- Interest + MI left
- $112,304
- First ends
- Jul 2051
Assumption
Assumption + second
$2,459/mo
+$1,064/mo- Down payment
- $40,571
- Funds due
- $52,298
- Interest + MI left
- $350,329
- First ends
- Jul 2051
New loan
New conventional
$2,778/mo
+$1,383/mo- Down payment
- $40,571
- Funds due
- $48,867
- Interest + MI left
- $545,026
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $214,429 | $214,429 | $359,429 |
| Second mortgage | — | $145,000 | — |
| First P&I | $1,003.97 | $1,003.97 | $2,488.61 |
| Second P&I | — | $1,063.96 | — |
| Mortgage insurance | $173.07 | $173.07 | $71.89 |
| Taxes, insurance & HOA | $217.92 | $217.92 | $217.92 |
| Total housing payment | $1,394.96 | $2,458.92 | $2,778.42 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,571
Closing costs & prepaids$11,727
Usable credit−$0
Total buyer cash needed$52,298
Earnest money paid−$0
Remaining funds due$52,298
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,000.00
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)$203.75
Prepaid interest, first (1 days)$16.45
Prepaid interest, second (1 days)$31.78
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 8 moOf the original 30-year loan at 2.800%
Interest already paid$34,345Through Nov 2026
Assumption only · ends Jul 2051$112,304
Assumption + second · ends Jul 2051, second Dec 2056$350,329
New conventional · ends Dec 2056$545,026