Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$880/mo
Lowest payment- Down payment
- $190,221
- Funds due
- $199,991
- Interest + MI left
- $44,372
- First ends
- Mar 2051
Assumption
Assumption + second
$2,069/mo
+$1,189/mo- Down payment
- $28,221
- Funds due
- $39,419
- Interest + MI left
- $310,304
- First ends
- Mar 2051
New loan
New conventional
$2,143/mo
+$1,263/mo- Down payment
- $28,221
- Funds due
- $36,124
- Interest + MI left
- $367,996
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $89,679 | $89,679 | $251,679 |
| Second mortgage | — | $162,000 | — |
| First P&I | $418.51 | $418.51 | $1,704.96 |
| Second P&I | — | $1,188.70 | — |
| Mortgage insurance | $73.47 | $73.47 | $50.34 |
| Taxes, insurance & HOA | $387.92 | $387.92 | $387.92 |
| Total housing payment | $879.90 | $2,068.60 | $2,143.21 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,221
Closing costs & prepaids$11,198
Usable credit−$0
Total buyer cash needed$39,419
Earnest money paid−$0
Remaining funds due$39,419
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,799.00
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)$713.75
Prepaid interest, first (5 days)$32.68
Prepaid interest, second (5 days)$177.53
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 2.66%
Interest already paid$14,833Through Dec 2026
Assumption only · ends Mar 2051$44,372
Assumption + second · ends Mar 2051, second Jan 2057$310,304
New conventional · ends Jan 2057$367,996