Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$543/mo
Lowest payment- Down payment
- $218,497
- Funds due
- $227,890
- Interest + MI left
- $17,942
- First ends
- Apr 2052
Assumption
Assumption + second
$1,959/mo
+$1,416/mo- Down payment
- $25,497
- Funds due
- $36,225
- Interest + MI left
- $334,761
- First ends
- Apr 2052
New loan
New conventional
$1,967/mo
+$1,423/mo- Down payment
- $25,497
- Funds due
- $32,921
- Interest + MI left
- $338,913
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $30,503 | $30,503 | $223,503 |
| Second mortgage | — | $193,000 | — |
| First P&I | $144.81 | $144.81 | $1,547.49 |
| Second P&I | — | $1,416.17 | — |
| Mortgage insurance | $23.99 | $23.99 | $44.70 |
| Taxes, insurance & HOA | $374.42 | $374.42 | $374.42 |
| Total housing payment | $543.22 | $1,959.39 | $1,966.61 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,497
Closing costs & prepaids$10,728
Usable credit−$0
Total buyer cash needed$36,225
Earnest money paid−$0
Remaining funds due$36,225
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,490.00
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)$673.25
Prepaid interest, first (2 days)$5.20
Prepaid interest, second (2 days)$84.60
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 closing25 yr 5 moOf the original 30-year loan at 3.110%
Interest already paid$4,598Through Nov 2026
Assumption only · ends Apr 2052$17,942
Assumption + second · ends Apr 2052, second Dec 2056$334,761
New conventional · ends Dec 2056$338,913