Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$980/mo
Lowest payment- Down payment
- $234,530
- Funds due
- $245,425
- Interest + MI left
- $17,031
- First ends
- Jun 2052
Assumption
Assumption + second
$2,477/mo
+$1,497/mo- Down payment
- $25,530
- Funds due
- $37,764
- Interest + MI left
- $347,060
- First ends
- Jun 2052
New loan
New conventional
$2,467/mo
+$1,487/mo- Down payment
- $25,530
- Funds due
- $34,455
- Interest + MI left
- $338,863
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $14,470 | $14,470 | $223,470 |
| Second mortgage | — | $209,000 | — |
| First P&I | $98.18 | $98.18 | $1,547.26 |
| Second P&I | — | $1,497.30 | — |
| Mortgage insurance | $6.77 | $6.77 | $44.69 |
| Taxes, insurance & HOA | $874.92 | $874.92 | $874.92 |
| Total housing payment | $979.87 | $2,477.17 | $2,466.87 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,530
Closing costs & prepaids$12,234
Usable credit−$0
Total buyer cash needed$37,764
Earnest money paid−$0
Remaining funds due$37,764
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,490.00
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)$1,178.75
Initial HOA (3 months)$996.00
Prepaid interest, first (2 days)$5.27
Prepaid interest, second (2 days)$88.75
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 7 moOf the original 27-year loan at 6.650%
Interest already paid$1,378Through Nov 2026
Assumption only · ends Jun 2052$17,031
Assumption + second · ends Jun 2052, second Dec 2056$347,060
New conventional · ends Dec 2056$338,863