Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$891/mo
Lowest payment- Down payment
- $220,449
- Funds due
- $230,719
- Interest + MI left
- $26,741
- First ends
- Sep 2047
Assumption
Assumption + second
$2,322/mo
+$1,431/mo- Down payment
- $25,449
- Funds due
- $37,054
- Interest + MI left
- $346,844
- First ends
- Sep 2047
New loan
New conventional
$2,257/mo
+$1,366/mo- Down payment
- $25,449
- Funds due
- $33,745
- Interest + MI left
- $338,985
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $28,551 | $28,551 | $223,551 |
| Second mortgage | — | $195,000 | — |
| First P&I | $212.32 | $212.32 | $1,547.82 |
| Second P&I | — | $1,430.84 | — |
| Mortgage insurance | $13.91 | $13.91 | $44.71 |
| Taxes, insurance & HOA | $664.92 | $664.92 | $664.92 |
| Total housing payment | $891.15 | $2,321.99 | $2,257.45 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,449
Closing costs & prepaids$11,606
Usable credit−$0
Total buyer cash needed$37,054
Earnest money paid−$0
Remaining funds due$37,054
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)$1,544.75
Prepaid interest, first (2 days)$10.50
Prepaid interest, second (2 days)$85.48
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 closing20 yr 10 moOf the original 24-year loan at 6.710%
Interest already paid$6,270Through Nov 2026
Assumption only · ends Sep 2047$26,741
Assumption + second · ends Sep 2047, second Dec 2056$346,844
New conventional · ends Dec 2056$338,985