Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,075/mo
Lowest payment- Down payment
- $181,174
- Funds due
- $191,136
- Interest + MI left
- $72,232
- First ends
- Feb 2051
Assumption
Assumption + second
$2,161/mo
+$1,086/mo- Down payment
- $33,174
- Funds due
- $44,678
- Interest + MI left
- $315,182
- First ends
- Feb 2051
New loan
New conventional
$2,315/mo
+$1,240/mo- Down payment
- $33,174
- Funds due
- $41,424
- Interest + MI left
- $426,640
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $143,826 | $143,826 | $291,826 |
| Second mortgage | — | $148,000 | — |
| First P&I | $677.23 | $677.23 | $1,976.93 |
| Second P&I | — | $1,085.97 | — |
| Mortgage insurance | $117.96 | $117.96 | $58.37 |
| Taxes, insurance & HOA | $280.00 | $280.00 | $280.00 |
| Total housing payment | $1,075.19 | $2,161.16 | $2,315.30 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,174
Closing costs & prepaids$11,503
Usable credit−$0
Total buyer cash needed$44,678
Earnest money paid−$0
Remaining funds due$44,678
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,250.00
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)$390.00
Prepaid interest, first (9 days)$96.46
Prepaid interest, second (9 days)$291.95
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 2 moOf the original 30-year loan at 2.72%
Interest already paid$24,695Through Dec 2026
Assumption only · ends Feb 2051$72,232
Assumption + second · ends Feb 2051, second Jan 2057$315,182
New conventional · ends Jan 2057$426,640