Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$633/mo
Lowest payment- Down payment
- $240,437
- Funds due
- $250,439
- Interest + MI left
- $8,402
- First ends
- May 2053
Assumption
Assumption + second
$2,174/mo
+$1,540/mo- Down payment
- $25,437
- Funds due
- $36,734
- Interest + MI left
- $347,905
- First ends
- May 2053
New loan
New conventional
$2,164/mo
+$1,530/mo- Down payment
- $25,437
- Funds due
- $33,428
- Interest + MI left
- $335,927
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $6,563 | $6,563 | $221,563 |
| Second mortgage | — | $215,000 | — |
| First P&I | $45.01 | $45.01 | $1,534.06 |
| Second P&I | — | $1,540.29 | — |
| Mortgage insurance | $3.10 | $3.10 | $44.31 |
| Taxes, insurance & HOA | $585.25 | $585.25 | $585.25 |
| Total housing payment | $633.36 | $2,173.64 | $2,163.62 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,437
Closing costs & prepaids$11,298
Usable credit−$0
Total buyer cash needed$36,734
Earnest money paid−$0
Remaining funds due$36,734
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,470.00
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)$1,005.75
Initial HOA (3 months)$300.00
Prepaid interest, first (1 days)$1.24
Prepaid interest, second (1 days)$45.65
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 closing26 yr 6 moOf the original 29-year loan at 6.900%
Interest already paid$1,150Through Nov 2026
Assumption only · ends May 2053$8,402
Assumption + second · ends May 2053, second Dec 2056$347,905
New conventional · ends Dec 2056$335,927