Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$481/mo
Lowest payment- Down payment
- $227,369
- Funds due
- $236,778
- Interest + MI left
- $10,179
- First ends
- Feb 2055
Assumption
Assumption + second
$1,936/mo
+$1,454/mo- Down payment
- $24,369
- Funds due
- $35,071
- Interest + MI left
- $330,733
- First ends
- Feb 2055
New loan
New conventional
$1,928/mo
+$1,447/mo- Down payment
- $24,369
- Funds due
- $31,776
- Interest + MI left
- $319,352
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $7,631 | $7,631 | $210,631 |
| Second mortgage | — | $203,000 | — |
| First P&I | $50.16 | $50.16 | $1,458.37 |
| Second P&I | — | $1,454.32 | — |
| Mortgage insurance | $3.57 | $3.57 | $42.13 |
| Taxes, insurance & HOA | $427.67 | $427.67 | $427.67 |
| Total housing payment | $481.40 | $1,935.71 | $1,928.16 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$24,369
Closing costs & prepaids$10,703
Usable credit−$0
Total buyer cash needed$35,071
Earnest money paid−$0
Remaining funds due$35,071
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,350.00
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)$833.00
Prepaid interest, first (1 days)$1.40
Prepaid interest, second (1 days)$43.10
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 3 moOf the original 30-year loan at 6.690%
Interest already paid$903Through Nov 2026
Assumption only · ends Feb 2055$10,179
Assumption + second · ends Feb 2055, second Dec 2056$330,733
New conventional · ends Dec 2056$319,352