Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$338/mo
Lowest payment- Down payment
- $232,765
- Funds due
- $241,753
- Interest + MI left
- $13,897
- First ends
- Jan 2052
Assumption
Assumption + second
$1,828/mo
+$1,490/mo- Down payment
- $24,765
- Funds due
- $35,400
- Interest + MI left
- $342,346
- First ends
- Jan 2052
New loan
New conventional
$1,784/mo
+$1,446/mo- Down payment
- $24,765
- Funds due
- $32,076
- Interest + MI left
- $322,020
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $12,235 | $12,235 | $220,235 |
| Second mortgage | — | $208,000 | — |
| First P&I | $80.90 | $80.90 | $1,491.95 |
| Second P&I | — | $1,490.14 | — |
| Mortgage insurance | $9.16 | $9.16 | $44.05 |
| Taxes, insurance & HOA | $248.00 | $248.00 | $248.00 |
| Total housing payment | $338.06 | $1,828.20 | $1,784.00 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$24,765
Closing costs & prepaids$10,635
Usable credit−$0
Total buyer cash needed$35,400
Earnest money paid−$0
Remaining funds due$35,400
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,450.00
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)$294.00
Prepaid interest, first (9 days)$18.98
Prepaid interest, second (9 days)$397.48
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 closing25 yr 1 moOf the original 29-year loan at 6.29%
Interest already paid$3,105Through Dec 2026
Assumption only · ends Jan 2052$13,897
Assumption + second · ends Jan 2052, second Jan 2057$342,346
New conventional · ends Jan 2057$322,020