Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$746/mo
Lowest payment- Down payment
- $277,841
- Funds due
- $288,632
- Interest + MI left
- $269
- First ends
- Jul 2063
Assumption
Assumption + second
$2,537/mo
+$1,791/mo- Down payment
- $27,841
- Funds due
- $40,254
- Interest + MI left
- $395,040
- First ends
- Jul 2063
New loan
New conventional
$2,490/mo
+$1,744/mo- Down payment
- $27,841
- Funds due
- $36,898
- Interest + MI left
- $365,774
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $159 | $159 | $250,159 |
| Second mortgage | — | $250,000 | — |
| First P&I | $0.92 | $0.92 | $1,694.66 |
| Second P&I | — | $1,791.03 | — |
| Mortgage insurance | $0.07 | $0.07 | $50.03 |
| Taxes, insurance & HOA | $745.17 | $745.17 | $745.17 |
| Total housing payment | $746.16 | $2,537.19 | $2,489.86 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$27,841
Closing costs & prepaids$12,412
Usable credit−$0
Total buyer cash needed$40,254
Earnest money paid−$0
Remaining funds due$40,254
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,780.00
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)$333.50
Initial HOA (3 months)$1,452.00
Prepaid interest, first (7 days)$0.19
Prepaid interest, second (7 days)$371.58
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 7 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 closing36 yr 7 moOf the original 40-year loan at 6.28%
Interest already paid$34Through Dec 2026
Assumption only · ends Jul 2063$269
Assumption + second · ends Jul 2063, second Jan 2057$395,040
New conventional · ends Jan 2057$365,774