Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$509/mo
Lowest payment- Down payment
- $263,878
- Funds due
- $273,694
- Interest + MI left
- $14,163
- First ends
- Nov 2053
Assumption
Assumption + second
$2,200/mo
+$1,691/mo- Down payment
- $27,878
- Funds due
- $39,045
- Interest + MI left
- $386,827
- First ends
- Nov 2053
New loan
New conventional
$2,190/mo
+$1,681/mo- Down payment
- $27,878
- Funds due
- $35,712
- Interest + MI left
- $374,728
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $11,122 | $11,122 | $247,122 |
| Second mortgage | — | $236,000 | — |
| First P&I | $74.63 | $74.63 | $1,711.02 |
| Second P&I | — | $1,690.73 | — |
| Mortgage insurance | $5.16 | $5.16 | $49.42 |
| Taxes, insurance & HOA | $429.17 | $429.17 | $429.17 |
| Total housing payment | $508.95 | $2,199.69 | $2,189.61 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$27,878
Closing costs & prepaids$11,167
Usable credit−$0
Total buyer cash needed$39,045
Earnest money paid−$0
Remaining funds due$39,045
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,750.00
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)$687.50
Initial HOA (3 months)$150.00
Prepaid interest, first (2 days)$4.11
Prepaid interest, second (2 days)$100.22
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 closing27 yrOf the original 28-year loan at 6.740%
Interest already paid$755Through Nov 2026
Assumption only · ends Nov 2053$14,163
Assumption + second · ends Nov 2053, second Dec 2056$386,827
New conventional · ends Dec 2056$374,728