Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$775/mo
Lowest payment- Down payment
- $208,313
- Funds due
- $218,387
- Interest + MI left
- $10,028
- First ends
- Nov 2050
Assumption
Assumption + second
$2,140/mo
+$1,365/mo- Down payment
- $22,313
- Funds due
- $33,719
- Interest + MI left
- $315,356
- First ends
- Nov 2050
New loan
New conventional
$2,099/mo
+$1,324/mo- Down payment
- $22,313
- Funds due
- $30,440
- Interest + MI left
- $296,733
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $9,687 | $9,687 | $195,687 |
| Second mortgage | — | $186,000 | — |
| First P&I | $65.55 | $65.55 | $1,354.90 |
| Second P&I | — | $1,364.80 | — |
| Mortgage insurance | $4.52 | $4.52 | $39.14 |
| Taxes, insurance & HOA | $705.33 | $705.33 | $705.33 |
| Total housing payment | $775.40 | $2,140.20 | $2,099.37 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$22,313
Closing costs & prepaids$11,406
Usable credit−$0
Total buyer cash needed$33,719
Earnest money paid−$0
Remaining funds due$33,719
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,180.00
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)$790.00
Initial HOA (3 months)$876.00
Prepaid interest, first (2 days)$3.37
Prepaid interest, second (2 days)$81.53
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 closing24 yrOf the original 25-year loan at 6.340%
Interest already paid$620Through Nov 2026
Assumption only · ends Nov 2050$10,028
Assumption + second · ends Nov 2050, second Dec 2056$315,356
New conventional · ends Dec 2056$296,733