Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,226/mo
Lowest payment- Down payment
- $196,936
- Funds due
- $207,487
- Interest + MI left
- $80,393
- First ends
- Feb 2052
Assumption
Assumption + second
$2,415/mo
+$1,189/mo- Down payment
- $34,936
- Funds due
- $46,914
- Interest + MI left
- $346,324
- First ends
- Feb 2052
New loan
New conventional
$2,567/mo
+$1,340/mo- Down payment
- $34,936
- Funds due
- $43,579
- Interest + MI left
- $445,993
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $143,064 | $143,064 | $305,064 |
| Second mortgage | — | $162,000 | — |
| First P&I | $673.92 | $673.92 | $2,066.61 |
| Second P&I | — | $1,188.70 | — |
| Mortgage insurance | $113.51 | $113.51 | $61.01 |
| Taxes, insurance & HOA | $439.00 | $439.00 | $439.00 |
| Total housing payment | $1,226.43 | $2,415.13 | $2,566.62 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,936
Closing costs & prepaids$11,978
Usable credit−$0
Total buyer cash needed$46,914
Earnest money paid−$0
Remaining funds due$46,914
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,400.00
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)$867.00
Prepaid interest, first (5 days)$58.40
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 closing25 yr 2 moOf the original 30-year loan at 2.98%
Interest already paid$21,895Through Dec 2026
Assumption only · ends Feb 2052$80,393
Assumption + second · ends Feb 2052, second Jan 2057$346,324
New conventional · ends Jan 2057$445,993