Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,104/mo
Lowest payment- Down payment
- $210,150
- Funds due
- $220,379
- Interest + MI left
- $75,437
- First ends
- Feb 2051
Assumption
Assumption + second
$2,380/mo
+$1,277/mo- Down payment
- $36,150
- Funds due
- $47,705
- Interest + MI left
- $361,067
- First ends
- Feb 2051
New loan
New conventional
$2,584/mo
+$1,480/mo- Down payment
- $36,150
- Funds due
- $44,327
- Interest + MI left
- $490,989
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $149,750 | $149,750 | $323,750 |
| Second mortgage | — | $174,000 | — |
| First P&I | $703.41 | $703.41 | $2,241.58 |
| Second P&I | — | $1,276.75 | — |
| Mortgage insurance | $122.52 | $122.52 | $64.75 |
| Taxes, insurance & HOA | $277.67 | $277.67 | $277.67 |
| Total housing payment | $1,103.60 | $2,380.35 | $2,584.00 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,150
Closing costs & prepaids$11,556
Usable credit−$0
Total buyer cash needed$47,705
Earnest money paid−$0
Remaining funds due$47,705
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,599.00
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)$383.00
Prepaid interest, first (2 days)$22.32
Prepaid interest, second (2 days)$76.27
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 3 moOf the original 30-year loan at 2.720%
Interest already paid$25,311Through Nov 2026
Assumption only · ends Feb 2051$75,437
Assumption + second · ends Feb 2051, second Dec 2056$361,067
New conventional · ends Dec 2056$490,989