Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$295/mo
Lowest payment- Down payment
- $232,748
- Funds due
- $241,589
- Interest + MI left
- $13,967
- First ends
- Jan 2052
Assumption
Assumption + second
$1,785/mo
+$1,490/mo- Down payment
- $24,748
- Funds due
- $34,883
- Interest + MI left
- $342,417
- First ends
- Jan 2052
New loan
New conventional
$1,774/mo
+$1,479/mo- Down payment
- $24,748
- Funds due
- $31,584
- Interest + MI left
- $333,983
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $12,252 | $12,252 | $220,252 |
| Second mortgage | — | $208,000 | — |
| First P&I | $80.90 | $80.90 | $1,524.98 |
| Second P&I | — | $1,490.14 | — |
| Mortgage insurance | $9.16 | $9.16 | $44.05 |
| Taxes, insurance & HOA | $204.50 | $204.50 | $204.50 |
| Total housing payment | $294.56 | $1,784.70 | $1,773.53 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$24,748
Closing costs & prepaids$10,135
Usable credit−$0
Total buyer cash needed$34,883
Earnest money paid−$0
Remaining funds due$34,883
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,450.00
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)$163.50
Prepaid interest, first (1 days)$2.11
Prepaid interest, second (1 days)$44.16
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 closing25 yr 2 moOf the original 29-year loan at 6.290%
Interest already paid$3,041Through Nov 2026
Assumption only · ends Jan 2052$13,967
Assumption + second · ends Jan 2052, second Dec 2056$342,417
New conventional · ends Dec 2056$333,983