Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$460/mo
Lowest payment- Down payment
- $241,899
- Funds due
- $251,369
- Interest + MI left
- $9,855
- First ends
- Aug 2051
Assumption
Assumption + second
$2,007/mo
+$1,547/mo- Down payment
- $25,899
- Funds due
- $36,665
- Interest + MI left
- $350,937
- First ends
- Aug 2051
New loan
New conventional
$1,994/mo
+$1,535/mo- Down payment
- $25,899
- Funds due
- $33,354
- Interest + MI left
- $339,775
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $8,101 | $8,101 | $224,101 |
| Second mortgage | — | $216,000 | — |
| First P&I | $57.94 | $57.94 | $1,551.63 |
| Second P&I | — | $1,547.45 | — |
| Mortgage insurance | $3.83 | $3.83 | $44.82 |
| Taxes, insurance & HOA | $397.83 | $397.83 | $397.83 |
| Total housing payment | $459.60 | $2,007.05 | $1,994.28 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,899
Closing costs & prepaids$10,766
Usable credit−$0
Total buyer cash needed$36,665
Earnest money paid−$0
Remaining funds due$36,665
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,500.00
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)$470.50
Initial HOA (3 months)$273.00
Prepaid interest, first (1 days)$1.57
Prepaid interest, second (1 days)$45.86
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 closing24 yr 9 moOf the original 27-year loan at 7.090%
Interest already paid$1,314Through Nov 2026
Assumption only · ends Aug 2051$9,855
Assumption + second · ends Aug 2051, second Dec 2056$350,937
New conventional · ends Dec 2056$339,775