Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,517/mo
Lowest payment- Down payment
- $198,971
- Funds due
- $210,099
- Interest + MI left
- $98,135
- First ends
- Mar 2051
Assumption
Assumption + second
$2,691/mo
+$1,174/mo- Down payment
- $38,971
- Funds due
- $51,525
- Interest + MI left
- $360,783
- First ends
- Mar 2051
New loan
New conventional
$2,890/mo
+$1,372/mo- Down payment
- $38,971
- Funds due
- $48,177
- Interest + MI left
- $505,805
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $185,929 | $185,929 | $345,929 |
| Second mortgage | — | $160,000 | — |
| First P&I | $888.55 | $888.55 | $2,343.44 |
| Second P&I | — | $1,174.02 | — |
| Mortgage insurance | $151.60 | $151.60 | $69.19 |
| Taxes, insurance & HOA | $477.17 | $477.17 | $477.17 |
| Total housing payment | $1,517.31 | $2,691.34 | $2,889.80 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,971
Closing costs & prepaids$12,554
Usable credit−$0
Total buyer cash needed$51,525
Earnest money paid−$0
Remaining funds due$51,525
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,849.00
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)$981.50
Prepaid interest, first (5 days)$73.35
Prepaid interest, second (5 days)$175.34
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 3 moOf the original 30-year loan at 2.88%
Interest already paid$33,214Through Dec 2026
Assumption only · ends Mar 2051$98,135
Assumption + second · ends Mar 2051, second Jan 2057$360,783
New conventional · ends Jan 2057$505,805