Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$996/mo
Lowest payment- Down payment
- $197,741
- Funds due
- $207,143
- Interest + MI left
- $5,509
- First ends
- Jun 2031
Assumption
Assumption + second
$2,280/mo
+$1,284/mo- Down payment
- $22,741
- Funds due
- $33,739
- Interest + MI left
- $292,781
- First ends
- Jun 2031
New loan
New conventional
$1,839/mo
+$843/mo- Down payment
- $22,741
- Funds due
- $30,427
- Interest + MI left
- $288,346
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $22,259 | $22,259 | $197,259 |
| Second mortgage | — | $175,000 | — |
| First P&I | $482.04 | $482.04 | $1,336.30 |
| Second P&I | — | $1,284.09 | — |
| Mortgage insurance | $51.17 | $51.17 | $39.45 |
| Taxes, insurance & HOA | $463.00 | $463.00 | $463.00 |
| Total housing payment | $996.20 | $2,280.29 | $1,838.75 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$22,741
Closing costs & prepaids$10,998
Usable credit−$0
Total buyer cash needed$33,739
Earnest money paid−$0
Remaining funds due$33,739
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,200.00
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)$264.00
Initial HOA (3 months)$675.00
Prepaid interest, first (9 days)$38.58
Prepaid interest, second (9 days)$345.21
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 closing4 yr 6 moOf the original 30-year loan at 7.03%
Interest already paid$97,528Through Dec 2026
Assumption only · ends Jun 2031$5,509
Assumption + second · ends Jun 2031, second Jan 2057$292,781
New conventional · ends Jan 2057$288,346