Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,020/mo
Lowest payment- Down payment
- $180,824
- Funds due
- $190,546
- Interest + MI left
- $72,629
- First ends
- Feb 2051
Assumption
Assumption + second
$2,106/mo
+$1,086/mo- Down payment
- $32,824
- Funds due
- $43,861
- Interest + MI left
- $315,578
- First ends
- Feb 2051
New loan
New conventional
$2,306/mo
+$1,286/mo- Down payment
- $32,824
- Funds due
- $40,514
- Interest + MI left
- $443,046
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $144,176 | $144,176 | $292,176 |
| Second mortgage | — | $148,000 | — |
| First P&I | $677.23 | $677.23 | $2,022.97 |
| Second P&I | — | $1,085.97 | — |
| Mortgage insurance | $117.96 | $117.96 | $58.44 |
| Taxes, insurance & HOA | $225.08 | $225.08 | $225.08 |
| Total housing payment | $1,020.27 | $2,106.24 | $2,306.49 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,824
Closing costs & prepaids$11,037
Usable credit−$0
Total buyer cash needed$43,861
Earnest money paid−$0
Remaining funds due$43,861
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,250.00
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)$225.25
Prepaid interest, first (2 days)$21.49
Prepaid interest, second (2 days)$64.88
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$24,369Through Nov 2026
Assumption only · ends Feb 2051$72,629
Assumption + second · ends Feb 2051, second Dec 2056$315,578
New conventional · ends Dec 2056$443,046