Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$262/mo
Lowest payment- Down payment
- $247,910
- Funds due
- $256,936
- Interest + MI left
- $3,443
- First ends
- Jan 2065
Assumption
Assumption + second
$1,853/mo
+$1,590/mo- Down payment
- $25,910
- Funds due
- $36,469
- Interest + MI left
- $353,999
- First ends
- Jan 2065
New loan
New conventional
$1,812/mo
+$1,550/mo- Down payment
- $25,910
- Funds due
- $33,139
- Interest + MI left
- $327,421
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $1,990 | $1,990 | $223,990 |
| Second mortgage | — | $222,000 | — |
| First P&I | $11.25 | $11.25 | $1,517.39 |
| Second P&I | — | $1,590.44 | — |
| Mortgage insurance | $0.92 | $0.92 | $44.80 |
| Taxes, insurance & HOA | $250.00 | $250.00 | $250.00 |
| Total housing payment | $262.17 | $1,852.61 | $1,812.18 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,910
Closing costs & prepaids$10,559
Usable credit−$0
Total buyer cash needed$36,469
Earnest money paid−$0
Remaining funds due$36,469
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,499.00
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)$300.00
Prepaid interest, first (6 days)$2.00
Prepaid interest, second (6 days)$282.82
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 closing38 yr 1 moOf the original 40-year loan at 6.12%
Interest already paid$235Through Dec 2026
Assumption only · ends Jan 2065$3,443
Assumption + second · ends Jan 2065, second Jan 2057$353,999
New conventional · ends Jan 2057$327,421