Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$297/mo
Lowest payment- Down payment
- $253,405
- Funds due
- $262,549
- Interest + MI left
- $13,107
- First ends
- Oct 2065
Assumption
Assumption + second
$1,923/mo
+$1,626/mo- Down payment
- $26,405
- Funds due
- $37,089
- Interest + MI left
- $371,560
- First ends
- Oct 2065
New loan
New conventional
$1,883/mo
+$1,586/mo- Down payment
- $26,405
- Funds due
- $33,754
- Interest + MI left
- $341,508
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $6,595 | $6,595 | $233,595 |
| Second mortgage | — | $227,000 | — |
| First P&I | $40.12 | $40.12 | $1,582.45 |
| Second P&I | — | $1,626.26 | — |
| Mortgage insurance | $3.04 | $3.04 | $46.72 |
| Taxes, insurance & HOA | $254.00 | $254.00 | $254.00 |
| Total housing payment | $297.16 | $1,923.42 | $1,883.17 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$26,405
Closing costs & prepaids$10,684
Usable credit−$0
Total buyer cash needed$37,089
Earnest money paid−$0
Remaining funds due$37,089
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,600.00
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)$312.00
Prepaid interest, first (6 days)$7.34
Prepaid interest, second (6 days)$289.19
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 closing38 yr 10 moOf the original 40-year loan at 6.77%
Interest already paid$523Through Dec 2026
Assumption only · ends Oct 2065$13,107
Assumption + second · ends Oct 2065, second Jan 2057$371,560
New conventional · ends Jan 2057$341,508