Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$741/mo
Lowest payment- Down payment
- $280,207
- Funds due
- $290,928
- Interest + MI left
- $6,107
- First ends
- May 2050
Assumption
Assumption + second
$2,539/mo
+$1,798/mo- Down payment
- $29,207
- Funds due
- $41,285
- Interest + MI left
- $402,457
- First ends
- May 2050
New loan
New conventional
$2,539/mo
+$1,798/mo- Down payment
- $29,207
- Funds due
- $37,940
- Interest + MI left
- $395,510
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $9,793 | $9,793 | $260,793 |
| Second mortgage | — | $251,000 | — |
| First P&I | $51.64 | $51.64 | $1,805.68 |
| Second P&I | — | $1,798.19 | — |
| Mortgage insurance | $8.02 | $8.02 | $52.16 |
| Taxes, insurance & HOA | $681.50 | $681.50 | $681.50 |
| Total housing payment | $741.16 | $2,539.36 | $2,539.34 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,207
Closing costs & prepaids$12,078
Usable credit−$0
Total buyer cash needed$41,285
Earnest money paid−$0
Remaining funds due$41,285
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,900.00
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)$508.50
Initial HOA (3 months)$1,086.00
Prepaid interest, first (2 days)$1.95
Prepaid interest, second (2 days)$106.59
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 closing23 yr 6 moOf the original 30-year loan at 3.625%
Interest already paid$2,497Through Nov 2026
Assumption only · ends May 2050$6,107
Assumption + second · ends May 2050, second Dec 2056$402,457
New conventional · ends Dec 2056$395,510