Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$339/mo
Lowest payment- Down payment
- $173,785
- Funds due
- $182,264
- Interest + MI left
- $2,976
- First ends
- Jun 2048
Assumption
Assumption + second
$1,476/mo
+$1,137/mo- Down payment
- $18,785
- Funds due
- $28,582
- Interest + MI left
- $257,417
- First ends
- Jun 2048
New loan
New conventional
$1,449/mo
+$1,111/mo- Down payment
- $18,785
- Funds due
- $25,341
- Interest + MI left
- $244,397
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $6,215 | $6,215 | $161,215 |
| Second mortgage | — | $155,000 | — |
| First P&I | $32.53 | $32.53 | $1,116.22 |
| Second P&I | — | $1,137.34 | — |
| Mortgage insurance | $5.13 | $5.13 | $32.24 |
| Taxes, insurance & HOA | $301.00 | $301.00 | $301.00 |
| Total housing payment | $338.67 | $1,476.00 | $1,449.46 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$18,785
Closing costs & prepaids$9,797
Usable credit−$0
Total buyer cash needed$28,582
Earnest money paid−$0
Remaining funds due$28,582
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,800.00
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)$453.00
Prepaid interest, first (2 days)$1.01
Prepaid interest, second (2 days)$67.95
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 closing21 yr 7 moOf the original 27-year loan at 2.970%
Interest already paid$1,086Through Nov 2026
Assumption only · ends Jun 2048$2,976
Assumption + second · ends Jun 2048, second Dec 2056$257,417
New conventional · ends Dec 2056$244,397