Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$732/mo
Lowest payment- Down payment
- $233,685
- Funds due
- $242,545
- Interest + MI left
- $150
- First ends
- Mar 2027
Assumption
Assumption + second
$2,237/mo
+$1,504/mo- Down payment
- $23,685
- Funds due
- $34,196
- Interest + MI left
- $331,757
- First ends
- Mar 2027
New loan
New conventional
$1,718/mo
+$986/mo- Down payment
- $23,685
- Funds due
- $30,879
- Interest + MI left
- $308,977
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $1,315 | $1,315 | $211,315 |
| Second mortgage | — | $210,000 | — |
| First P&I | $443.85 | $443.85 | $1,431.52 |
| Second P&I | — | $1,504.47 | — |
| Mortgage insurance | $44.27 | $44.27 | $42.26 |
| Taxes, insurance & HOA | $244.00 | $244.00 | $244.00 |
| Total housing payment | $732.12 | $2,236.58 | $1,717.78 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$23,685
Closing costs & prepaids$10,511
Usable credit−$0
Total buyer cash needed$34,196
Earnest money paid−$0
Remaining funds due$34,196
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,350.00
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)$282.00
Prepaid interest, first (9 days)$2.48
Prepaid interest, second (9 days)$401.30
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 closing3 moOf the original 30-year loan at 7.66%
Interest already paid$97,273Through Dec 2026
Assumption only · ends Mar 2027$150
Assumption + second · ends Mar 2027, second Jan 2057$331,757
New conventional · ends Jan 2057$308,977