Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$577/mo
Lowest payment- Down payment
- $181,876
- Funds due
- $191,159
- Interest + MI left
- $3,748
- First ends
- Nov 2050
Assumption
Assumption + second
$1,773/mo
+$1,196/mo- Down payment
- $18,876
- Funds due
- $29,445
- Interest + MI left
- $271,321
- First ends
- Nov 2050
New loan
New conventional
$1,736/mo
+$1,159/mo- Down payment
- $18,876
- Funds due
- $26,203
- Interest + MI left
- $251,905
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $3,124 | $3,124 | $166,124 |
| Second mortgage | — | $163,000 | — |
| First P&I | $22.88 | $22.88 | $1,150.21 |
| Second P&I | — | $1,196.04 | — |
| Mortgage insurance | $1.49 | $1.49 | $33.22 |
| Taxes, insurance & HOA | $552.50 | $552.50 | $552.50 |
| Total housing payment | $576.87 | $1,772.91 | $1,735.93 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$18,876
Closing costs & prepaids$10,569
Usable credit−$0
Total buyer cash needed$29,445
Earnest money paid−$0
Remaining funds due$29,445
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,850.00
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)$1,207.50
Prepaid interest, first (1 days)$0.62
Prepaid interest, second (1 days)$35.73
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 yrOf the original 27-year loan at 7.230%
Interest already paid$693Through Nov 2026
Assumption only · ends Nov 2050$3,748
Assumption + second · ends Nov 2050, second Dec 2056$271,321
New conventional · ends Dec 2056$251,905