Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$506/mo
Lowest payment- Down payment
- $250,090
- Funds due
- $259,758
- Interest + MI left
- $10,101
- First ends
- Apr 2049
Assumption
Assumption + second
$2,111/mo
+$1,605/mo- Down payment
- $26,090
- Funds due
- $37,055
- Interest + MI left
- $363,816
- First ends
- Apr 2049
New loan
New conventional
$2,097/mo
+$1,590/mo- Down payment
- $26,090
- Funds due
- $33,743
- Interest + MI left
- $354,739
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $9,909 | $9,909 | $233,909 |
| Second mortgage | — | $224,000 | — |
| First P&I | $71.39 | $71.39 | $1,619.54 |
| Second P&I | — | $1,604.76 | — |
| Mortgage insurance | $4.67 | $4.67 | $46.78 |
| Taxes, insurance & HOA | $430.42 | $430.42 | $430.42 |
| Total housing payment | $506.47 | $2,111.24 | $2,096.74 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$26,090
Closing costs & prepaids$10,966
Usable credit−$0
Total buyer cash needed$37,055
Earnest money paid−$0
Remaining funds due$37,055
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,599.99
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)$601.25
Initial HOA (3 months)$240.00
Prepaid interest, first (1 days)$1.82
Prepaid interest, second (1 days)$47.56
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 closing22 yr 5 moOf the original 24-year loan at 6.720%
Interest already paid$1,071Through Nov 2026
Assumption only · ends Apr 2049$10,101
Assumption + second · ends Apr 2049, second Dec 2056$363,816
New conventional · ends Dec 2056$354,739