Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$337/mo
Lowest payment- Down payment
- $212,867
- Funds due
- $221,681
- Interest + MI left
- $9,984
- First ends
- Feb 2052
Assumption
Assumption + second
$1,724/mo
+$1,387/mo- Down payment
- $23,867
- Funds due
- $34,304
- Interest + MI left
- $320,238
- First ends
- Feb 2052
New loan
New conventional
$1,680/mo
+$1,342/mo- Down payment
- $23,867
- Funds due
- $30,994
- Interest + MI left
- $301,318
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $17,133 | $17,133 | $206,133 |
| Second mortgage | — | $189,000 | — |
| First P&I | $81.87 | $81.87 | $1,396.42 |
| Second P&I | — | $1,386.82 | — |
| Mortgage insurance | $13.56 | $13.56 | $41.23 |
| Taxes, insurance & HOA | $242.00 | $242.00 | $242.00 |
| Total housing payment | $337.43 | $1,724.25 | $1,679.64 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$23,867
Closing costs & prepaids$10,437
Usable credit−$0
Total buyer cash needed$34,304
Earnest money paid−$0
Remaining funds due$34,304
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,300.00
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)$276.00
Prepaid interest, first (9 days)$13.14
Prepaid interest, second (9 days)$372.82
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 3.11%
Interest already paid$2,733Through Dec 2026
Assumption only · ends Feb 2052$9,984
Assumption + second · ends Feb 2052, second Jan 2057$320,238
New conventional · ends Jan 2057$301,318