Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$691/mo
Lowest payment- Down payment
- $201,327
- Funds due
- $211,084
- Interest + MI left
- $9,973
- First ends
- Nov 2050
Assumption
Assumption + second
$2,012/mo
+$1,321/mo- Down payment
- $21,327
- Funds due
- $32,532
- Interest + MI left
- $305,452
- First ends
- Nov 2050
New loan
New conventional
$1,944/mo
+$1,253/mo- Down payment
- $21,327
- Funds due
- $29,249
- Interest + MI left
- $277,333
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $9,673 | $9,673 | $189,673 |
| Second mortgage | — | $180,000 | — |
| First P&I | $65.55 | $65.55 | $1,284.91 |
| Second P&I | — | $1,320.78 | — |
| Mortgage insurance | $4.52 | $4.52 | $37.93 |
| Taxes, insurance & HOA | $621.33 | $621.33 | $621.33 |
| Total housing payment | $691.40 | $2,012.18 | $1,944.18 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$21,327
Closing costs & prepaids$11,205
Usable credit−$0
Total buyer cash needed$32,532
Earnest money paid−$0
Remaining funds due$32,532
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,110.00
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)$538.00
Initial HOA (3 months)$876.00
Prepaid interest, first (5 days)$8.40
Prepaid interest, second (5 days)$197.26
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 closing23 yr 11 moOf the original 25-year loan at 6.34%
Interest already paid$671Through Dec 2026
Assumption only · ends Nov 2050$9,973
Assumption + second · ends Nov 2050, second Jan 2057$305,452
New conventional · ends Jan 2057$277,333