Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$971/mo
Lowest payment- Down payment
- $197,710
- Funds due
- $207,451
- Interest + MI left
- $40,972
- First ends
- Jun 2046
Assumption
Assumption + second
$2,189/mo
+$1,218/mo- Down payment
- $31,710
- Funds due
- $42,919
- Interest + MI left
- $313,470
- First ends
- Jun 2046
New loan
New conventional
$2,215/mo
+$1,244/mo- Down payment
- $31,710
- Funds due
- $39,618
- Interest + MI left
- $406,850
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $112,290 | $112,290 | $278,290 |
| Second mortgage | — | $166,000 | — |
| First P&I | $600.82 | $600.82 | $1,885.23 |
| Second P&I | — | $1,218.05 | — |
| Mortgage insurance | $96.05 | $96.05 | $55.66 |
| Taxes, insurance & HOA | $274.00 | $274.00 | $274.00 |
| Total housing payment | $970.86 | $2,188.91 | $2,214.89 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$31,710
Closing costs & prepaids$11,209
Usable credit−$0
Total buyer cash needed$42,919
Earnest money paid−$0
Remaining funds due$42,919
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,100.00
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)$372.00
Prepaid interest, first (6 days)$44.12
Prepaid interest, second (6 days)$218.30
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 closing19 yr 6 moOf the original 25-year loan at 2.39%
Interest already paid$16,349Through Dec 2026
Assumption only · ends Jun 2046$40,972
Assumption + second · ends Jun 2046, second Jan 2057$313,470
New conventional · ends Jan 2057$406,850