Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$591/mo
Lowest payment- Down payment
- $214,900
- Funds due
- $223,427
- Interest + MI left
- $0
- First ends
- Jun 2024
Assumption
Assumption + second
$2,007/mo
+$1,416/mo- Down payment
- $21,900
- Funds due
- $31,719
- Interest + MI left
- $316,820
- First ends
- Jun 2024
New loan
New conventional
$1,576/mo
+$985/mo- Down payment
- $21,900
- Funds due
- $28,447
- Interest + MI left
- $292,659
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $0 | $0 | $193,000 |
| Second mortgage | — | $193,000 | — |
| First P&I | $389.99 | $389.99 | $1,336.29 |
| Second P&I | — | $1,416.17 | — |
| Mortgage insurance | — | — | $38.60 |
| Taxes, insurance & HOA | $200.83 | $200.83 | $200.83 |
| Total housing payment | $590.82 | $2,006.99 | $1,575.73 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$21,900
Closing costs & prepaids$9,819
Usable credit−$0
Total buyer cash needed$31,719
Earnest money paid−$0
Remaining funds due$31,719
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,149.00
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)$152.50
Prepaid interest, second (1 days)$42.30
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 closing0 moOf the original 30-year loan at 7.680%
Interest already paid$85,590Through Jun 2024
Assumption only · ends Jun 2024$0
Assumption + second · ends Jun 2024, second Dec 2056$316,820
New conventional · ends Dec 2056$292,659