Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$866/mo
Lowest payment- Down payment
- $197,621
- Funds due
- $207,895
- Interest + MI left
- $9,632
- First ends
- Oct 2054
Assumption
Assumption + second
$2,165/mo
+$1,299/mo- Down payment
- $20,621
- Funds due
- $32,339
- Interest + MI left
- $300,187
- First ends
- Oct 2054
New loan
New conventional
$2,100/mo
+$1,234/mo- Down payment
- $20,621
- Funds due
- $29,064
- Interest + MI left
- $269,593
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $7,379 | $7,379 | $184,379 |
| Second mortgage | — | $177,000 | — |
| First P&I | $48.66 | $48.66 | $1,249.05 |
| Second P&I | — | $1,298.76 | — |
| Mortgage insurance | $3.43 | $3.43 | $36.88 |
| Taxes, insurance & HOA | $814.25 | $814.25 | $814.25 |
| Total housing payment | $866.34 | $2,165.10 | $2,100.17 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$20,621
Closing costs & prepaids$11,718
Usable credit−$0
Total buyer cash needed$32,339
Earnest money paid−$0
Remaining funds due$32,339
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,050.00
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)$522.75
Initial HOA (3 months)$1,470.00
Prepaid interest, first (5 days)$6.74
Prepaid interest, second (5 days)$193.97
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 5 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 closing27 yr 10 moOf the original 29-year loan at 6.67%
Interest already paid$579Through Dec 2026
Assumption only · ends Oct 2054$9,632
Assumption + second · ends Oct 2054, second Jan 2057$300,187
New conventional · ends Jan 2057$269,593