Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$807/mo
Lowest payment- Down payment
- $254,893
- Funds due
- $264,131
- Interest + MI left
- $4,798
- First ends
- Aug 2030
Assumption
Assumption + second
$2,433/mo
+$1,626/mo- Down payment
- $27,893
- Funds due
- $38,430
- Interest + MI left
- $363,250
- First ends
- Aug 2030
New loan
New conventional
$1,997/mo
+$1,190/mo- Down payment
- $27,893
- Funds due
- $35,098
- Interest + MI left
- $374,705
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $20,107 | $20,107 | $247,107 |
| Second mortgage | — | $227,000 | — |
| First P&I | $521.69 | $521.69 | $1,710.92 |
| Second P&I | — | $1,626.26 | — |
| Mortgage insurance | $48.87 | $48.87 | $49.42 |
| Taxes, insurance & HOA | $236.42 | $236.42 | $236.42 |
| Total housing payment | $806.97 | $2,433.23 | $1,996.76 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$27,893
Closing costs & prepaids$10,537
Usable credit−$0
Total buyer cash needed$38,430
Earnest money paid−$0
Remaining funds due$38,430
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,750.00
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)$259.25
Prepaid interest, first (1 days)$4.58
Prepaid interest, second (1 days)$48.20
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 closing3 yr 9 moOf the original 30-year loan at 8.320%
Interest already paid$115,451Through Nov 2026
Assumption only · ends Aug 2030$4,798
Assumption + second · ends Aug 2030, second Dec 2056$363,250
New conventional · ends Dec 2056$374,705