Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,205/mo
Lowest payment- Down payment
- $238,909
- Funds due
- $249,140
- Interest + MI left
- $8,717
- First ends
- Jan 2033
Assumption
Assumption + second
$2,717/mo
+$1,512/mo- Down payment
- $27,909
- Funds due
- $39,659
- Interest + MI left
- $341,903
- First ends
- Jan 2033
New loan
New conventional
$2,283/mo
+$1,078/mo- Down payment
- $27,909
- Funds due
- $36,327
- Interest + MI left
- $361,238
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $36,091 | $36,091 | $247,091 |
| Second mortgage | — | $211,000 | — |
| First P&I | $566.08 | $566.08 | $1,673.88 |
| Second P&I | — | $1,511.63 | — |
| Mortgage insurance | $79.14 | $79.14 | $49.42 |
| Taxes, insurance & HOA | $560.00 | $560.00 | $560.00 |
| Total housing payment | $1,205.22 | $2,716.85 | $2,283.30 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$27,909
Closing costs & prepaids$11,751
Usable credit−$0
Total buyer cash needed$39,659
Earnest money paid−$0
Remaining funds due$39,659
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,750.00
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)$330.00
Initial HOA (3 months)$900.00
Prepaid interest, first (6 days)$26.70
Prepaid interest, second (6 days)$268.81
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 closing6 yr 1 moOf the original 30-year loan at 4.5%
Interest already paid$86,834Through Dec 2026
Assumption only · ends Jan 2033$8,717
Assumption + second · ends Jan 2033, second Jan 2057$341,903
New conventional · ends Jan 2057$361,238