Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,167/mo
Lowest payment- Down payment
- $239,651
- Funds due
- $250,404
- Interest + MI left
- $77,322
- First ends
- Jan 2051
Assumption
Assumption + second
$2,600/mo
+$1,433/mo- Down payment
- $39,651
- Funds due
- $52,036
- Interest + MI left
- $393,138
- First ends
- Jan 2051
New loan
New conventional
$2,786/mo
+$1,619/mo- Down payment
- $39,651
- Funds due
- $48,733
- Interest + MI left
- $519,579
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $155,349 | $155,349 | $355,349 |
| Second mortgage | — | $200,000 | — |
| First P&I | $731.70 | $731.70 | $2,407.26 |
| Second P&I | — | $1,432.82 | — |
| Mortgage insurance | $127.78 | $127.78 | $71.07 |
| Taxes, insurance & HOA | $308.00 | $308.00 | $308.00 |
| Total housing payment | $1,167.48 | $2,600.31 | $2,786.33 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,651
Closing costs & prepaids$12,385
Usable credit−$0
Total buyer cash needed$52,036
Earnest money paid−$0
Remaining funds due$52,036
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,950.00
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)$474.00
Prepaid interest, first (9 days)$103.42
Prepaid interest, second (9 days)$382.19
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 closing24 yr 1 moOf the original 30-year loan at 2.7%
Interest already paid$26,899Through Dec 2026
Assumption only · ends Jan 2051$77,322
Assumption + second · ends Jan 2051, second Jan 2057$393,138
New conventional · ends Jan 2057$519,579