Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$798/mo
Lowest payment- Down payment
- $237,548
- Funds due
- $247,951
- Interest + MI left
- $12,028
- First ends
- Dec 2051
Assumption
Assumption + second
$2,309/mo
+$1,512/mo- Down payment
- $26,548
- Funds due
- $38,246
- Interest + MI left
- $345,214
- First ends
- Dec 2051
New loan
New conventional
$2,338/mo
+$1,541/mo- Down payment
- $26,548
- Funds due
- $34,932
- Interest + MI left
- $353,847
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $22,352 | $22,352 | $233,352 |
| Second mortgage | — | $211,000 | — |
| First P&I | $103.91 | $103.91 | $1,615.68 |
| Second P&I | — | $1,511.63 | — |
| Mortgage insurance | $17.82 | $17.82 | $46.67 |
| Taxes, insurance & HOA | $675.92 | $675.92 | $675.92 |
| Total housing payment | $797.65 | $2,309.28 | $2,338.27 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$26,548
Closing costs & prepaids$11,698
Usable credit−$0
Total buyer cash needed$38,246
Earnest money paid−$0
Remaining funds due$38,246
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,599.00
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)$422.75
Initial HOA (3 months)$1,155.00
Prepaid interest, first (1 days)$1.74
Prepaid interest, second (1 days)$44.80
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 closing25 yr 1 moOf the original 30-year loan at 2.840%
Interest already paid$3,325Through Nov 2026
Assumption only · ends Dec 2051$12,028
Assumption + second · ends Dec 2051, second Dec 2056$345,214
New conventional · ends Dec 2056$353,847