Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$917/mo
Lowest payment- Down payment
- $278,065
- Funds due
- $289,308
- Interest + MI left
- $6,746
- First ends
- Nov 2051
Assumption
Assumption + second
$2,701/mo
+$1,784/mo- Down payment
- $29,065
- Funds due
- $41,928
- Interest + MI left
- $399,938
- First ends
- Nov 2051
New loan
New conventional
$2,652/mo
+$1,735/mo- Down payment
- $29,065
- Funds due
- $38,561
- Interest + MI left
- $372,706
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $5,935 | $5,935 | $254,935 |
| Second mortgage | — | $249,000 | — |
| First P&I | $40.61 | $40.61 | $1,727.02 |
| Second P&I | — | $1,783.87 | — |
| Mortgage insurance | $2.77 | $2.77 | $50.99 |
| Taxes, insurance & HOA | $873.58 | $873.58 | $873.58 |
| Total housing payment | $916.96 | $2,700.83 | $2,651.59 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,065
Closing costs & prepaids$12,863
Usable credit−$0
Total buyer cash needed$41,928
Earnest money paid−$0
Remaining funds due$41,928
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,840.00
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)$340.75
Initial HOA (3 months)$1,830.00
Prepaid interest, first (7 days)$7.55
Prepaid interest, second (7 days)$370.09
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 closing24 yr 11 moOf the original 26-year loan at 6.63%
Interest already paid$430Through Dec 2026
Assumption only · ends Nov 2051$6,746
Assumption + second · ends Nov 2051, second Jan 2057$399,938
New conventional · ends Jan 2057$372,706