Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$314/mo
Lowest payment- Down payment
- $196,001
- Funds due
- $204,629
- Interest + MI left
- $3,252
- First ends
- Oct 2047
Assumption
Assumption + second
$1,605/mo
+$1,291/mo- Down payment
- $20,001
- Funds due
- $29,956
- Interest + MI left
- $292,166
- First ends
- Oct 2047
New loan
New conventional
$1,566/mo
+$1,252/mo- Down payment
- $20,001
- Funds due
- $26,700
- Interest + MI left
- $272,829
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $3,899 | $3,899 | $179,899 |
| Second mortgage | — | $176,000 | — |
| First P&I | $26.62 | $26.62 | $1,245.58 |
| Second P&I | — | $1,291.43 | — |
| Mortgage insurance | $3.01 | $3.01 | $35.98 |
| Taxes, insurance & HOA | $284.08 | $284.08 | $284.08 |
| Total housing payment | $313.72 | $1,605.14 | $1,565.65 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$20,001
Closing costs & prepaids$9,955
Usable credit−$0
Total buyer cash needed$29,956
Earnest money paid−$0
Remaining funds due$29,956
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,999.00
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)$402.25
Prepaid interest, first (2 days)$1.22
Prepaid interest, second (2 days)$77.15
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 closing20 yr 11 moOf the original 25-year loan at 5.700%
Interest already paid$951Through Nov 2026
Assumption only · ends Oct 2047$3,252
Assumption + second · ends Oct 2047, second Dec 2056$292,166
New conventional · ends Dec 2056$272,829