Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,273/mo
Lowest payment- Down payment
- $205,700
- Funds due
- $216,293
- Interest + MI left
- $96,515
- First ends
- Dec 2051
Assumption
Assumption + second
$2,499/mo
+$1,225/mo- Down payment
- $38,700
- Funds due
- $50,763
- Interest + MI left
- $370,654
- First ends
- Dec 2051
New loan
New conventional
$2,701/mo
+$1,427/mo- Down payment
- $38,700
- Funds due
- $47,428
- Interest + MI left
- $502,692
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $176,800 | $176,800 | $343,800 |
| Second mortgage | — | $167,000 | — |
| First P&I | $829.24 | $829.24 | $2,329.02 |
| Second P&I | — | $1,225.39 | — |
| Mortgage insurance | $141.12 | $141.12 | $68.76 |
| Taxes, insurance & HOA | $303.00 | $303.00 | $303.00 |
| Total housing payment | $1,273.36 | $2,498.74 | $2,700.78 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,700
Closing costs & prepaids$12,063
Usable credit−$0
Total buyer cash needed$50,763
Earnest money paid−$0
Remaining funds due$50,763
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,825.00
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)$459.00
Prepaid interest, first (6 days)$84.28
Prepaid interest, second (6 days)$219.62
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 yrOf the original 30-year loan at 2.9%
Interest already paid$27,328Through Dec 2026
Assumption only · ends Dec 2051$96,515
Assumption + second · ends Dec 2051, second Jan 2057$370,654
New conventional · ends Jan 2057$502,692