Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$399/mo
Lowest payment- Down payment
- $231,909
- Funds due
- $241,109
- Interest + MI left
- $9,804
- First ends
- Aug 2051
Assumption
Assumption + second
$1,882/mo
+$1,483/mo- Down payment
- $24,909
- Funds due
- $35,754
- Interest + MI left
- $336,674
- First ends
- Aug 2051
New loan
New conventional
$1,837/mo
+$1,438/mo- Down payment
- $24,909
- Funds due
- $32,427
- Interest + MI left
- $314,413
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $8,091 | $8,091 | $215,091 |
| Second mortgage | — | $207,000 | — |
| First P&I | $57.94 | $57.94 | $1,457.10 |
| Second P&I | — | $1,482.97 | — |
| Mortgage insurance | $3.83 | $3.83 | $43.02 |
| Taxes, insurance & HOA | $337.00 | $337.00 | $337.00 |
| Total housing payment | $398.77 | $1,881.74 | $1,837.12 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$24,909
Closing costs & prepaids$10,846
Usable credit−$0
Total buyer cash needed$35,754
Earnest money paid−$0
Remaining funds due$35,754
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,400.00
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)$288.00
Initial HOA (3 months)$273.00
Prepaid interest, first (9 days)$14.15
Prepaid interest, second (9 days)$395.57
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 closing24 yr 8 moOf the original 27-year loan at 7.09%
Interest already paid$1,361Through Dec 2026
Assumption only · ends Aug 2051$9,804
Assumption + second · ends Aug 2051, second Jan 2057$336,674
New conventional · ends Jan 2057$314,413