Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$511/mo
Lowest payment- Down payment
- $268,977
- Funds due
- $278,596
- Interest + MI left
- $30,795
- First ends
- Oct 2048
Assumption
Assumption + second
$2,216/mo
+$1,705/mo- Down payment
- $30,977
- Funds due
- $42,150
- Interest + MI left
- $406,617
- First ends
- Oct 2048
New loan
New conventional
$2,146/mo
+$1,635/mo- Down payment
- $30,977
- Funds due
- $38,770
- Interest + MI left
- $393,249
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $31,023 | $31,023 | $269,023 |
| Second mortgage | — | $238,000 | — |
| First P&I | $226.63 | $226.63 | $1,822.46 |
| Second P&I | — | $1,705.06 | — |
| Mortgage insurance | $14.54 | $14.54 | $53.80 |
| Taxes, insurance & HOA | $270.00 | $270.00 | $270.00 |
| Total housing payment | $511.17 | $2,216.23 | $2,146.26 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,977
Closing costs & prepaids$11,173
Usable credit−$0
Total buyer cash needed$42,150
Earnest money paid−$0
Remaining funds due$42,150
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,000.00
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)$360.00
Prepaid interest, first (6 days)$34.42
Prepaid interest, second (6 days)$303.21
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 closing21 yr 10 moOf the original 23-year loan at 6.75%
Interest already paid$2,473Through Dec 2026
Assumption only · ends Oct 2048$30,795
Assumption + second · ends Oct 2048, second Jan 2057$406,617
New conventional · ends Jan 2057$393,249