Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,004/mo
Lowest payment- Down payment
- $232,532
- Funds due
- $241,677
- Interest + MI left
- $8,131
- First ends
- Jun 2031
Assumption
Assumption + second
$2,480/mo
+$1,476/mo- Down payment
- $26,532
- Funds due
- $36,971
- Interest + MI left
- $333,422
- First ends
- Jun 2031
New loan
New conventional
$1,937/mo
+$933/mo- Down payment
- $26,532
- Funds due
- $33,655
- Interest + MI left
- $361,653
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $32,468 | $32,468 | $238,468 |
| Second mortgage | — | $206,000 | — |
| First P&I | $691.95 | $691.95 | $1,651.10 |
| Second P&I | — | $1,475.81 | — |
| Mortgage insurance | $73.60 | $73.60 | $47.69 |
| Taxes, insurance & HOA | $238.17 | $238.17 | $238.17 |
| Total housing payment | $1,003.71 | $2,479.52 | $1,936.96 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$26,532
Closing costs & prepaids$10,439
Usable credit−$0
Total buyer cash needed$36,971
Earnest money paid−$0
Remaining funds due$36,971
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,650.00
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)$264.50
Prepaid interest, first (1 days)$6.24
Prepaid interest, second (1 days)$43.74
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 7 moOf the original 30-year loan at 7.010%
Interest already paid$139,612Through Nov 2026
Assumption only · ends Jun 2031$8,131
Assumption + second · ends Jun 2031, second Dec 2056$333,422
New conventional · ends Dec 2056$361,653