Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$873/mo
Lowest payment- Down payment
- $251,231
- Funds due
- $261,473
- Interest + MI left
- $97,836
- First ends
- Nov 2055
Assumption
Assumption + second
$2,442/mo
+$1,569/mo- Down payment
- $32,231
- Funds due
- $44,141
- Interest + MI left
- $443,655
- First ends
- Nov 2055
New loan
New conventional
$2,397/mo
+$1,524/mo- Down payment
- $32,231
- Funds due
- $40,746
- Interest + MI left
- $423,690
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $70,769 | $70,769 | $289,769 |
| Second mortgage | — | $219,000 | — |
| First P&I | $463.92 | $463.92 | $1,963.00 |
| Second P&I | — | $1,568.94 | — |
| Mortgage insurance | $32.82 | $32.82 | $57.95 |
| Taxes, insurance & HOA | $376.50 | $376.50 | $376.50 |
| Total housing payment | $873.24 | $2,442.18 | $2,397.45 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,231
Closing costs & prepaids$11,911
Usable credit−$0
Total buyer cash needed$44,141
Earnest money paid−$0
Remaining funds due$44,141
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,220.00
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)$386.50
Initial HOA (3 months)$293.01
Prepaid interest, first (9 days)$117.61
Prepaid interest, second (9 days)$418.50
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 11 moOf the original 30-year loan at 6.74%
Interest already paid$5,200Through Dec 2026
Assumption only · ends Nov 2055$97,836
Assumption + second · ends Nov 2055, second Jan 2057$443,655
New conventional · ends Jan 2057$423,690