Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,025/mo
Lowest payment- Down payment
- $239,270
- Funds due
- $249,515
- Interest + MI left
- $77,747
- First ends
- Jan 2051
Assumption
Assumption + second
$2,485/mo
+$1,460/mo- Down payment
- $40,270
- Funds due
- $51,852
- Interest + MI left
- $404,416
- First ends
- Jan 2051
New loan
New conventional
$2,693/mo
+$1,668/mo- Down payment
- $40,270
- Funds due
- $48,433
- Interest + MI left
- $537,901
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $155,730 | $155,730 | $354,730 |
| Second mortgage | — | $199,000 | — |
| First P&I | $731.70 | $731.70 | $2,456.08 |
| Second P&I | — | $1,460.19 | — |
| Mortgage insurance | $127.78 | $127.78 | $70.95 |
| Taxes, insurance & HOA | $165.58 | $165.58 | $165.58 |
| Total housing payment | $1,025.06 | $2,485.26 | $2,692.61 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,270
Closing costs & prepaids$11,582
Usable credit−$0
Total buyer cash needed$51,852
Earnest money paid−$0
Remaining funds due$51,852
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)$46.75
Prepaid interest, first (2 days)$23.04
Prepaid interest, second (2 days)$87.23
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 2.700%
Interest already paid$26,549Through Nov 2026
Assumption only · ends Jan 2051$77,747
Assumption + second · ends Jan 2051, second Dec 2056$404,416
New conventional · ends Dec 2056$537,901