Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$332/mo
Lowest payment- Down payment
- $306,373
- Funds due
- $316,027
- Interest + MI left
- $16,848
- First ends
- Mar 2051
Assumption
Assumption + second
$2,295/mo
+$1,963/mo- Down payment
- $32,373
- Funds due
- $43,335
- Interest + MI left
- $449,517
- First ends
- Mar 2051
New loan
New conventional
$2,273/mo
+$1,941/mo- Down payment
- $32,373
- Funds due
- $39,959
- Interest + MI left
- $435,390
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $13,127 | $13,127 | $287,127 |
| Second mortgage | — | $274,000 | — |
| First P&I | $98.52 | $98.52 | $1,988.01 |
| Second P&I | — | $1,962.97 | — |
| Mortgage insurance | $6.22 | $6.22 | $57.43 |
| Taxes, insurance & HOA | $227.17 | $227.17 | $227.17 |
| Total housing payment | $331.91 | $2,294.88 | $2,272.60 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,373
Closing costs & prepaids$10,962
Usable credit−$0
Total buyer cash needed$43,335
Earnest money paid−$0
Remaining funds due$43,335
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,195.00
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)$231.50
Prepaid interest, first (1 days)$2.72
Prepaid interest, second (1 days)$58.18
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 4 moOf the original 27-year loan at 7.570%
Interest already paid$2,699Through Nov 2026
Assumption only · ends Mar 2051$16,848
Assumption + second · ends Mar 2051, second Dec 2056$449,517
New conventional · ends Dec 2056$435,390