Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$900/mo
Lowest payment- Down payment
- $217,613
- Funds due
- $228,184
- Interest + MI left
- $9,676
- First ends
- Oct 2054
Assumption
Assumption + second
$2,331/mo
+$1,431/mo- Down payment
- $22,613
- Funds due
- $34,520
- Interest + MI left
- $329,779
- First ends
- Oct 2054
New loan
New conventional
$2,290/mo
+$1,390/mo- Down payment
- $22,613
- Funds due
- $31,237
- Interest + MI left
- $306,934
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $7,387 | $7,387 | $202,387 |
| Second mortgage | — | $195,000 | — |
| First P&I | $48.66 | $48.66 | $1,401.29 |
| Second P&I | — | $1,430.84 | — |
| Mortgage insurance | $3.43 | $3.43 | $40.48 |
| Taxes, insurance & HOA | $847.83 | $847.83 | $847.83 |
| Total housing payment | $899.92 | $2,330.76 | $2,289.60 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$22,613
Closing costs & prepaids$11,907
Usable credit−$0
Total buyer cash needed$34,520
Earnest money paid−$0
Remaining funds due$34,520
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,250.00
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)$623.50
Initial HOA (3 months)$1,470.00
Prepaid interest, first (2 days)$2.70
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 closing27 yr 11 moOf the original 29-year loan at 6.670%
Interest already paid$538Through Nov 2026
Assumption only · ends Oct 2054$9,676
Assumption + second · ends Oct 2054, second Dec 2056$329,779
New conventional · ends Dec 2056$306,934