Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$396/mo
Lowest payment- Down payment
- $277,580
- Funds due
- $287,129
- Interest + MI left
- $22,153
- First ends
- Apr 2053
Assumption
Assumption + second
$2,173/mo
+$1,777/mo- Down payment
- $29,580
- Funds due
- $40,695
- Interest + MI left
- $413,766
- First ends
- Apr 2053
New loan
New conventional
$2,119/mo
+$1,723/mo- Down payment
- $29,580
- Funds due
- $37,326
- Interest + MI left
- $388,088
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $17,420 | $17,420 | $265,420 |
| Second mortgage | — | $248,000 | — |
| First P&I | $119.84 | $119.84 | $1,798.05 |
| Second P&I | — | $1,776.70 | — |
| Mortgage insurance | $8.15 | $8.15 | $53.08 |
| Taxes, insurance & HOA | $268.00 | $268.00 | $268.00 |
| Total housing payment | $395.99 | $2,172.69 | $2,119.13 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,580
Closing costs & prepaids$11,115
Usable credit−$0
Total buyer cash needed$40,695
Earnest money paid−$0
Remaining funds due$40,695
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,950.00
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)$354.00
Prepaid interest, first (6 days)$19.79
Prepaid interest, second (6 days)$315.95
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 closing26 yr 4 moOf the original 28-year loan at 6.91%
Interest already paid$2,029Through Dec 2026
Assumption only · ends Apr 2053$22,153
Assumption + second · ends Apr 2053, second Jan 2057$413,766
New conventional · ends Jan 2057$388,088