Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$465/mo
Lowest payment- Down payment
- $251,691
- Funds due
- $261,244
- Interest + MI left
- $15,234
- First ends
- Jan 2054
Assumption
Assumption + second
$2,077/mo
+$1,612/mo- Down payment
- $26,691
- Funds due
- $37,542
- Interest + MI left
- $370,528
- First ends
- Jan 2054
New loan
New conventional
$2,072/mo
+$1,608/mo- Down payment
- $26,691
- Funds due
- $34,223
- Interest + MI left
- $361,260
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $13,209 | $13,209 | $238,209 |
| Second mortgage | — | $225,000 | — |
| First P&I | $83.21 | $83.21 | $1,649.31 |
| Second P&I | — | $1,611.93 | — |
| Mortgage insurance | $6.20 | $6.20 | $47.64 |
| Taxes, insurance & HOA | $375.50 | $375.50 | $375.50 |
| Total housing payment | $464.92 | $2,076.85 | $2,072.45 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$26,691
Closing costs & prepaids$10,850
Usable credit−$0
Total buyer cash needed$37,542
Earnest money paid−$0
Remaining funds due$37,542
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,649.00
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)$334.50
Initial HOA (3 months)$342.00
Prepaid interest, first (1 days)$2.21
Prepaid interest, second (1 days)$47.77
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 closing27 yr 2 moOf the original 29-year loan at 6.120%
Interest already paid$1,502Through Nov 2026
Assumption only · ends Jan 2054$15,234
Assumption + second · ends Jan 2054, second Dec 2056$370,528
New conventional · ends Dec 2056$361,260