Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$325/mo
Lowest payment- Down payment
- $291,140
- Funds due
- $300,722
- Interest + MI left
- $8,681
- First ends
- Apr 2052
Assumption
Assumption + second
$2,195/mo
+$1,870/mo- Down payment
- $30,140
- Funds due
- $41,305
- Interest + MI left
- $420,822
- First ends
- Apr 2052
New loan
New conventional
$2,145/mo
+$1,819/mo- Down payment
- $30,140
- Funds due
- $37,930
- Interest + MI left
- $393,118
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $7,860 | $7,860 | $268,860 |
| Second mortgage | — | $261,000 | — |
| First P&I | $51.96 | $51.96 | $1,821.35 |
| Second P&I | — | $1,869.84 | — |
| Mortgage insurance | $3.79 | $3.79 | $53.77 |
| Taxes, insurance & HOA | $269.58 | $269.58 | $269.58 |
| Total housing payment | $325.33 | $2,195.17 | $2,144.71 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,140
Closing costs & prepaids$11,164
Usable credit−$0
Total buyer cash needed$41,305
Earnest money paid−$0
Remaining funds due$41,305
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,990.00
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)$358.75
Prepaid interest, first (6 days)$8.18
Prepaid interest, second (6 days)$332.51
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 closing25 yr 4 moOf the original 29-year loan at 6.33%
Interest already paid$1,875Through Dec 2026
Assumption only · ends Apr 2052$8,681
Assumption + second · ends Apr 2052, second Jan 2057$420,822
New conventional · ends Jan 2057$393,118