Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$638/mo
Lowest payment- Down payment
- $233,253
- Funds due
- $241,828
- Interest + MI left
- $205
- First ends
- Mar 2027
Assumption
Assumption + second
$2,135/mo
+$1,497/mo- Down payment
- $24,253
- Funds due
- $34,122
- Interest + MI left
- $330,234
- First ends
- Mar 2027
New loan
New conventional
$1,651/mo
+$1,013/mo- Down payment
- $24,253
- Funds due
- $30,828
- Interest + MI left
- $319,528
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $1,747 | $1,747 | $210,747 |
| Second mortgage | — | $209,000 | — |
| First P&I | $443.85 | $443.85 | $1,459.17 |
| Second P&I | — | $1,497.30 | — |
| Mortgage insurance | $44.27 | $44.27 | $42.15 |
| Taxes, insurance & HOA | $150.00 | $150.00 | $150.00 |
| Total housing payment | $638.12 | $2,135.42 | $1,651.32 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$24,253
Closing costs & prepaids$9,870
Usable credit−$0
Total buyer cash needed$34,122
Earnest money paid−$0
Remaining funds due$34,122
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
Prepaid interest, first (1 days)$0.37
Prepaid interest, second (1 days)$44.38
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 moOf the original 30-year loan at 7.660%
Interest already paid$97,261Through Nov 2026
Assumption only · ends Mar 2027$205
Assumption + second · ends Mar 2027, second Dec 2056$330,234
New conventional · ends Dec 2056$319,528