Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$893/mo
Lowest payment- Down payment
- $237,658
- Funds due
- $247,666
- Interest + MI left
- $118,982
- First ends
- Aug 2055
Assumption
Assumption + second
$2,362/mo
+$1,469/mo- Down payment
- $32,658
- Funds due
- $44,308
- Interest + MI left
- $442,694
- First ends
- Aug 2055
New loan
New conventional
$2,318/mo
+$1,425/mo- Down payment
- $32,658
- Funds due
- $40,913
- Interest + MI left
- $427,306
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $87,242 | $87,242 | $292,242 |
| Second mortgage | — | $205,000 | — |
| First P&I | $572.39 | $572.39 | $1,979.75 |
| Second P&I | — | $1,468.65 | — |
| Mortgage insurance | $40.57 | $40.57 | $58.45 |
| Taxes, insurance & HOA | $280.00 | $280.00 | $280.00 |
| Total housing payment | $892.96 | $2,361.61 | $2,318.20 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,658
Closing costs & prepaids$11,650
Usable credit−$0
Total buyer cash needed$44,308
Earnest money paid−$0
Remaining funds due$44,308
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,249.00
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)$390.00
Prepaid interest, first (9 days)$144.56
Prepaid interest, second (9 days)$391.75
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 8 moOf the original 30-year loan at 6.72%
Interest already paid$7,879Through Dec 2026
Assumption only · ends Aug 2055$118,982
Assumption + second · ends Aug 2055, second Jan 2057$442,694
New conventional · ends Jan 2057$427,306