Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$409/mo
Lowest payment- Down payment
- $301,823
- Funds due
- $311,652
- Interest + MI left
- $20,608
- First ends
- Feb 2052
Assumption
Assumption + second
$2,337/mo
+$1,927/mo- Down payment
- $32,823
- Funds due
- $44,244
- Interest + MI left
- $445,382
- First ends
- Feb 2052
New loan
New conventional
$2,281/mo
+$1,871/mo- Down payment
- $32,823
- Funds due
- $40,843
- Interest + MI left
- $419,843
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $18,177 | $18,177 | $287,177 |
| Second mortgage | — | $269,000 | — |
| First P&I | $122.86 | $122.86 | $1,945.44 |
| Second P&I | — | $1,927.15 | — |
| Mortgage insurance | $8.56 | $8.56 | $57.44 |
| Taxes, insurance & HOA | $278.00 | $278.00 | $278.00 |
| Total housing payment | $409.42 | $2,336.57 | $2,280.87 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,823
Closing costs & prepaids$11,421
Usable credit−$0
Total buyer cash needed$44,244
Earnest money paid−$0
Remaining funds due$44,244
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,200.00
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)$384.00
Prepaid interest, first (6 days)$19.54
Prepaid interest, second (6 days)$342.70
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 2 moOf the original 27-year loan at 6.54%
Interest already paid$2,211Through Dec 2026
Assumption only · ends Feb 2052$20,608
Assumption + second · ends Feb 2052, second Jan 2057$445,382
New conventional · ends Jan 2057$419,843