Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$445/mo
Lowest payment- Down payment
- $202,197
- Funds due
- $211,160
- Interest + MI left
- $17,339
- First ends
- Sep 2051
Assumption
Assumption + second
$1,766/mo
+$1,321/mo- Down payment
- $22,197
- Funds due
- $32,607
- Interest + MI left
- $312,818
- First ends
- Sep 2051
New loan
New conventional
$1,693/mo
+$1,248/mo- Down payment
- $22,197
- Funds due
- $29,315
- Interest + MI left
- $284,795
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $14,803 | $14,803 | $194,803 |
| Second mortgage | — | $180,000 | — |
| First P&I | $103.70 | $103.70 | $1,319.66 |
| Second P&I | — | $1,320.78 | — |
| Mortgage insurance | $6.91 | $6.91 | $38.96 |
| Taxes, insurance & HOA | $334.42 | $334.42 | $334.42 |
| Total housing payment | $445.02 | $1,765.80 | $1,693.04 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$22,197
Closing costs & prepaids$10,409
Usable credit−$0
Total buyer cash needed$32,607
Earnest money paid−$0
Remaining funds due$32,607
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,170.00
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)$553.25
Prepaid interest, first (5 days)$13.91
Prepaid interest, second (5 days)$197.26
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 5 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 9 moOf the original 26-year loan at 6.86%
Interest already paid$1,282Through Dec 2026
Assumption only · ends Sep 2051$17,339
Assumption + second · ends Sep 2051, second Jan 2057$312,818
New conventional · ends Jan 2057$284,795