Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$273/mo
Lowest payment- Down payment
- $292,505
- Funds due
- $301,936
- Interest + MI left
- $8,651
- First ends
- Oct 2051
Assumption
Assumption + second
$2,150/mo
+$1,877/mo- Down payment
- $30,505
- Funds due
- $41,298
- Interest + MI left
- $422,371
- First ends
- Oct 2051
New loan
New conventional
$2,138/mo
+$1,865/mo- Down payment
- $30,505
- Funds due
- $37,938
- Interest + MI left
- $408,653
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $7,495 | $7,495 | $269,495 |
| Second mortgage | — | $262,000 | — |
| First P&I | $51.66 | $51.66 | $1,865.93 |
| Second P&I | — | $1,877.00 | — |
| Mortgage insurance | $3.58 | $3.58 | $53.90 |
| Taxes, insurance & HOA | $217.83 | $217.83 | $217.83 |
| Total housing payment | $273.07 | $2,150.07 | $2,137.66 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,505
Closing costs & prepaids$10,793
Usable credit−$0
Total buyer cash needed$41,298
Earnest money paid−$0
Remaining funds due$41,298
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,000.00
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)$197.25
Initial HOA (3 months)$6.24
Prepaid interest, first (2 days)$2.76
Prepaid interest, second (2 days)$111.26
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 28-year loan at 6.710%
Interest already paid$1,586Through Nov 2026
Assumption only · ends Oct 2051$8,651
Assumption + second · ends Oct 2051, second Dec 2056$422,371
New conventional · ends Dec 2056$408,653