Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$715/mo
Lowest payment- Down payment
- $228,209
- Funds due
- $238,319
- Interest + MI left
- $7,122
- First ends
- Mar 2048
Assumption
Assumption + second
$2,176/mo
+$1,461/mo- Down payment
- $24,209
- Funds due
- $35,829
- Interest + MI left
- $329,256
- First ends
- Mar 2048
New loan
New conventional
$2,129/mo
+$1,414/mo- Down payment
- $24,209
- Funds due
- $32,518
- Interest + MI left
- $308,169
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $6,791 | $6,791 | $210,791 |
| Second mortgage | — | $204,000 | — |
| First P&I | $52.45 | $52.45 | $1,427.97 |
| Second P&I | — | $1,461.48 | — |
| Mortgage insurance | $3.27 | $3.27 | $42.16 |
| Taxes, insurance & HOA | $659.00 | $659.00 | $659.00 |
| Total housing payment | $714.72 | $2,176.20 | $2,129.13 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$24,209
Closing costs & prepaids$11,620
Usable credit−$0
Total buyer cash needed$35,829
Earnest money paid−$0
Remaining funds due$35,829
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,350.00
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)$282.00
Initial HOA (3 months)$1,245.00
Prepaid interest, first (6 days)$8.14
Prepaid interest, second (6 days)$259.89
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 3 moOf the original 24-year loan at 7.29%
Interest already paid$1,397Through Dec 2026
Assumption only · ends Mar 2048$7,122
Assumption + second · ends Mar 2048, second Jan 2057$329,256
New conventional · ends Jan 2057$308,169