Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$502/mo
Lowest payment- Down payment
- $218,118
- Funds due
- $227,465
- Interest + MI left
- $14,200
- First ends
- Jan 2055
Assumption
Assumption + second
$1,933/mo
+$1,431/mo- Down payment
- $23,118
- Funds due
- $33,800
- Interest + MI left
- $334,303
- First ends
- Jan 2055
New loan
New conventional
$1,897/mo
+$1,395/mo- Down payment
- $23,118
- Funds due
- $30,514
- Interest + MI left
- $313,750
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $11,882 | $11,882 | $206,882 |
| Second mortgage | — | $195,000 | — |
| First P&I | $73.53 | $73.53 | $1,432.41 |
| Second P&I | — | $1,430.84 | — |
| Mortgage insurance | $5.57 | $5.57 | $41.38 |
| Taxes, insurance & HOA | $422.75 | $422.75 | $422.75 |
| Total housing payment | $501.85 | $1,932.69 | $1,896.54 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$23,118
Closing costs & prepaids$10,683
Usable credit−$0
Total buyer cash needed$33,800
Earnest money paid−$0
Remaining funds due$33,800
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,300.00
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)$107.25
Initial HOA (3 months)$711.00
Prepaid interest, first (2 days)$3.96
Prepaid interest, second (2 days)$85.48
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 closing28 yr 2 moOf the original 30-year loan at 6.080%
Interest already paid$1,341Through Nov 2026
Assumption only · ends Jan 2055$14,200
Assumption + second · ends Jan 2055, second Dec 2056$334,303
New conventional · ends Dec 2056$313,750