Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$409/mo
Lowest payment- Down payment
- $206,182
- Funds due
- $215,097
- Interest + MI left
- $18,909
- First ends
- Aug 2055
Assumption
Assumption + second
$1,759/mo
+$1,350/mo- Down payment
- $22,182
- Funds due
- $32,428
- Interest + MI left
- $320,955
- First ends
- Aug 2055
New loan
New conventional
$1,721/mo
+$1,312/mo- Down payment
- $22,182
- Funds due
- $29,150
- Interest + MI left
- $300,004
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $13,818 | $13,818 | $197,818 |
| Second mortgage | — | $184,000 | — |
| First P&I | $90.57 | $90.57 | $1,369.65 |
| Second P&I | — | $1,350.13 | — |
| Mortgage insurance | $6.42 | $6.42 | $39.56 |
| Taxes, insurance & HOA | $311.67 | $311.67 | $311.67 |
| Total housing payment | $408.66 | $1,758.78 | $1,720.88 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$22,182
Closing costs & prepaids$10,246
Usable credit−$0
Total buyer cash needed$32,428
Earnest money paid−$0
Remaining funds due$32,428
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,200.00
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)$485.00
Prepaid interest, first (2 days)$5.09
Prepaid interest, second (2 days)$80.66
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 closing28 yr 9 moOf the original 30-year loan at 6.720%
Interest already paid$1,169Through Nov 2026
Assumption only · ends Aug 2055$18,909
Assumption + second · ends Aug 2055, second Dec 2056$320,955
New conventional · ends Dec 2056$300,004