Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$417/mo
Lowest payment- Down payment
- $191,869
- Funds due
- $200,716
- Interest + MI left
- $9,361
- First ends
- Aug 2051
Assumption
Assumption + second
$1,671/mo
+$1,255/mo- Down payment
- $20,869
- Funds due
- $31,041
- Interest + MI left
- $290,067
- First ends
- Aug 2051
New loan
New conventional
$1,632/mo
+$1,216/mo- Down payment
- $20,869
- Funds due
- $27,777
- Interest + MI left
- $271,405
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $8,031 | $8,031 | $179,031 |
| Second mortgage | — | $171,000 | — |
| First P&I | $56.11 | $56.11 | $1,239.57 |
| Second P&I | — | $1,254.74 | — |
| Mortgage insurance | $3.75 | $3.75 | $35.81 |
| Taxes, insurance & HOA | $356.75 | $356.75 | $356.75 |
| Total housing payment | $416.61 | $1,671.34 | $1,632.13 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$20,869
Closing costs & prepaids$10,172
Usable credit−$0
Total buyer cash needed$31,041
Earnest money paid−$0
Remaining funds due$31,041
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)$620.25
Prepaid interest, first (2 days)$3.01
Prepaid interest, second (2 days)$74.96
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 9 moOf the original 26-year loan at 6.830%
Interest already paid$693Through Nov 2026
Assumption only · ends Aug 2051$9,361
Assumption + second · ends Aug 2051, second Dec 2056$290,067
New conventional · ends Dec 2056$271,405