Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$843/mo
Lowest payment- Down payment
- $214,964
- Funds due
- $224,652
- Interest + MI left
- $87,107
- First ends
- Nov 2052
Assumption
Assumption + second
$2,200/mo
+$1,357/mo- Down payment
- $29,964
- Funds due
- $41,267
- Interest + MI left
- $390,794
- First ends
- Nov 2052
New loan
New conventional
$2,146/mo
+$1,303/mo- Down payment
- $29,964
- Funds due
- $37,914
- Interest + MI left
- $393,375
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $84,036 | $84,036 | $269,036 |
| Second mortgage | — | $185,000 | — |
| First P&I | $510.13 | $510.13 | $1,822.54 |
| Second P&I | — | $1,357.46 | — |
| Mortgage insurance | $63.29 | $63.29 | $53.81 |
| Taxes, insurance & HOA | $269.58 | $269.58 | $269.58 |
| Total housing payment | $843.01 | $2,200.47 | $2,145.93 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,964
Closing costs & prepaids$11,304
Usable credit−$0
Total buyer cash needed$41,267
Earnest money paid−$0
Remaining funds due$41,267
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,990.00
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)$358.75
Prepaid interest, first (9 days)$115.00
Prepaid interest, second (9 days)$364.93
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 11 moOf the original 30-year loan at 5.55%
Interest already paid$19,682Through Dec 2026
Assumption only · ends Nov 2052$87,107
Assumption + second · ends Nov 2052, second Jan 2057$390,794
New conventional · ends Jan 2057$393,375